The U.S. Department of Agriculture (USDA) released its latest "Fats and Oils: Oilseed Crushings, Production, Consumption and Stocks" and "Grain Crushings and Co-Products Production" reports, showing significant increases in the production of soybean and canola oils during July 2024.
Soybean production
Soybean crushing for crude oil reached 5.80 million tons (193 million bushels) in July 2024, up from 5.51 million tons (184 million bushels) in June 2024 and 5.55 million tons (185 million bushels) in July 2023. This production yielded 2.30 billion pounds of crude soybean oil, marking a 6% increase from both the previous month and the same month last year. Additionally, once refined soybean oil production rose to 1.85 billion pounds, an 8% increase from June 2024 and a 6% increase from July 2023.
Canola production
Canola seed crushing also saw a substantial rise, with 230,516 tons processed in July 2024, compared to 196,212 tons in June 2024 and 209,247 tons in July 2023. This resulted in the production of 183 million pounds of crude canola oil, up 15% from June 2024 and 12% from July 2023. Once refined canola oil production reached 177 million pounds in July 2024, a 20% increase from the previous month and a 6% increase from the same period last year.
Corn consumption and co-product production
In the grain sector, total corn consumption for alcohol and other uses was reported at 527 million bushels in July 2024, a 6% increase from June 2024 and a 4% increase from July 2023. Of this total, 91.9% was used for alcohol production, with corn consumed for fuel alcohol totaling 474 million bushels, a 6% rise from June 2024 and a 4% rise from July 2023.
Production of distillers dried grains with solubles (DDGS), a co-product of dry milling, reached 2.00 million tons in July 2024, reflecting an 11% increase from June 2024 and a 12% increase from July 2023.
Other key outputs
- Cottonseed once refined oil production increased by 9% from June 2024, totaling 32.8 million pounds in July 2024, a significant 27% rise compared to July 2023.
- Edible tallow production was up 25% from June 2024, reaching 88.6 million pounds in July 2024, though this represents a 1% decrease from the previous year.
- Inedible tallow and technical tallow production saw mixed results, with inedible tallow down 5% from June 2024 but up 8% year-over-year, while technical tallow production decreased by 14% month-over-month but rose by 22% compared to July 2023.
These figures highlight the ongoing shifts and trends in the U.S. agricultural sector, reflecting increased efficiency and production capacity in oilseed processing and corn utilization.
