The United States Department of Agriculture's National Agricultural Statistics Service (NASS) released its latest Fats and Oils: Oilseed Crushings, Production, Consumption and Stocks report on December 2, 2024, revealing significant increases in soybean and canola processing alongside varied trends in animal fat production.
Key Highlights:
Soybean Crushing and Oil Production:
- October 2024 saw 6.47 million tons (216 million bushels) of soybeans crushed for crude oil.
- This marks a substantial increase from 5.60 million tons in September 2024 and 6.04 million tons in October 2023.
- Crude oil production reached 2.57 billion pounds, up 16% month-over-month and 8% year-over-year.
- Refined soybean oil production hit 1.91 billion pounds, increasing 9% from September and 4% from last year.
Canola Processing:
- Canola seeds crushed totaled 218,185 tons in October 2024, up from both September 2024 (204,907 tons) and October 2023 (202,333 tons).
- Canola crude oil production rose to 171 million pounds, a 6% increase both monthly and annually.
- Refined canola oil production reached 182 million pounds, up 7% from September and 8% from last year.
Cottonseed Oil:
- Refined cottonseed oil production surged to 38.7 million pounds, a significant 54% increase from September and 11% year-over-year growth.
Animal Fats Production:
- Edible tallow production decreased to 74.8 million pounds, down 34% from September and 2% from last year.
- Inedible tallow production slightly decreased to 320 million pounds, down 4% monthly but up 1% annually.
- Technical tallow production increased to 131 million pounds, up 6% from September and 21% from last year.
- Choice white grease production fell to 93.7 million pounds, down 2% monthly and 10% annually.
These figures indicate a robust growth in the oilseed crushing sector, particularly for soybeans and canola. The significant increases in both crude and refined oil production suggest strong demand in the vegetable oil market. This trend could be driven by various factors, including increased biofuel production, growing food industry needs, or shifts in global trade patterns.
The mixed results in animal fat production, with notable decreases in edible tallow and choice white grease, contrast with the growth in technical tallow. This divergence may reflect changing dynamics in the livestock industry or shifts in the usage of animal by-products.
