The growing demand for soybean oil for biofuels is not having a significant impact on food prices. The United Soybean Board partnered with Purdue University on this Food and Fuel study. The research found the demand for biofuels had a small effect on retail vegetable oil prices, but that was partially offset by lower prices for dairy products, beef, pork, chicken and eggs. With an increase in the soybean crush, the availability of soybean meal also increases. That helps drive down the price of animal protein.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.