According to data from the U.S. Energy Information Administration (EIA), the volume of soybean oil utilized for biofuel production in February rose 8% year-on-year, reaching 1.058 billion pounds. However, this figure remains below the 1.31 billion pounds required to meet the U.S. Department of Agriculture's (USDA) target for the current fiscal year.

In the spot market, the 8% year-on-year increase in soybean oil consumption within the biofuel sector offers some support to spot prices; yet, the actual consumption volume falls significantly short of the USDA's annual target. As demand realization has failed to meet expectations, this factor exerts downward pressure on prices. In the futures market—specifically on May 8, 2026—the benchmark SOY2609 contract on the Dalian Commodity Exchange closed at 8,487 RMB per ton, a decline of 80 RMB per ton from the previous trading day. Trading volume reached 323,254 lots, while open interest decreased by 10,317 lots. The market is currently trending bearish overall; taken together, these factors constitute a moderately negative outlook for soybean oil prices.

SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.