Vegetable oil analyst looks for growing soybean oil demand
A vegetable oil analyst sees growing soybean oil demand as a renewable diesel fuel feedstock partly because of flattening palm oil production. Soybean oil production is set to overtake palm oil production in a few years, according to Dr. James Fry, founder of LMC International in Great Britain. “By 2030, soy will be far ahead of palm, significantly ahead as the leading oil,” said Dr. Fry, during a U.S. Soybean Export Council webinar.
Soybean oil’s anticipated demand growth becomes clearer with Dr. Fry’s comparison of the blend walls of ethanol and biodiesel to the fact that there is no blending limitation for renewable diesel, which is formulated from vegetable oil to be chemically the same as petroleum diesel.
“Renewable diesel has emerged as the ideal biofuel for future biofuel growth,” said Dr. Fry, “and that creates opportunities for soy oil.”