In its recent World Agricultural and Supply Estimate (WASDE) report released on November 9, the United States Department of Agriculture (USDA) kept its 2023-’24 forecast steady for soybean oil use in biofuel production. However, the agency revised its estimate for 2022-’23 soybean oil use in biofuel production upward. The USDA's current outlook for the 2023-’24
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