Biofuels may become the largest use of soybean oil in the next few years, beating out the food and feed segment and exports. That’s according to an analysis from Agricultural Economics Insight economist David Widmar. In 2014 and 2015, biofuels accounted for five billion pounds of soybean oil use. For 2022-2023, Widmar says biofuels are expected to account for 12 billion pounds of soybean oil usage.
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