Por Karl Plume
CHICAGO, April 7 (Reuters) – The United States Department of Agriculture (USDA) will modify the way it reports on the use of soybean oil by biofuel producers based on its monthly World Agriculture Supply & Demand Estimates report. (WASDE) for May, a USDA spokesperson told Reuters on Wednesday.
The change in the report, considered the global standard in agricultural data, comes amid growing demand for vegetable oils from producers of renewable diesel, a low-polluting fuel made from soybeans and other fats and oils.
The unusual change is also a recognition by the USDA of the strong potential demand for soybean oil, at a time when supplies of the oilseed in the United States are the lowest in recent years.
Currently, the USDA reports its use in a general category that also includes demand from food manufacturers and feed producers. The use by manufacturers of soy biodiesel, which is different from renewable diesel, currently occupies a category of its own demand.
The updated forecast of supply and demand for soybean oil would combine the use by producers of biodiesel and renewable diesel to meet USDA reporting confidentiality guidelines, Keith Menzie, an economist at the Board of Directors, told Reuters. USDA World Agricultural Outlook, early March.
Changes to the USDA report depended on expanding the biofuels and feedstock data in a monthly report from the Energy Information Administration. The EIA began publishing that data on March 31.
More details on the changes to USDA reports will be released Thursday, according to an agency spokesperson.
The USDA will release its April WASDE report on Friday, and the May report is scheduled for April 12.
(Report by Karl Plume in Chicago; Edited in Spanish by Javier López de Lérida)