31 ONTARIO GRAIN FARMER OCTOBER 2024 The value of soy oil is on the rise due to an increase in demand for biodiesel and renewable diesel. watch for, especially for soybean meal. Mielke reported that changing dietary habits in India is leading to higher consumption of meat products, particularly chicken, and these new markets will create opportunities for an increase in soy meal availability. He anticipates India will move from being a net exporter of soybeans to a net importer. “The expected global rise in soy meal will come as a result of the increase in crushing to meet the projected demand for vegetable oil,” explains Mielke, noting that the current demand for vegetable oil is primarily driven by renewable diesel and sustainable aviation fuel. Historically, use has been driven by government mandates, but if airlines and sustainable aviation fuel companies can convince consumers that by paying a premium, they can fly “green,” the market could see additional demand growth outside of government mandates. Mielke also notes that the ability to find markets for the expected increase in soy meal will be essential to meet the growing demand for soybean oil. “Connecting with global customers at the conference has been instrumental in deepening our understanding of emerging opportunities for Canadian soybeans,” says Mackellar. “Despite a bearish short-term outlook, ongoing demand for biodiesel, renewable diesel, and the expected rise in sustainable aviation fuel is creating new prospects in the global market and for the Canadian soybean industry.” Grain Farmers of Ontario is a member of Soy Canada. PHOTOS: SOY CANADA.
RkJQdWJsaXNoZXIy MTQzODE4