The U.S. soybean sector will continue to see support from rising global demand for biofuels. Oil giant Bunge says that support will stay in place for “some time to come.”
The company’s chief financial officer says the demand for soybean oil is strong from both the food and energy-producing sectors. IndustryUpdate.com says Bunge also sees unusually high interest from buyers wanting to lock in their prices beyond the next quarter.
“We’re very deliberate about price,” says Bunge CEO John Nappi. “But the demand is there and continuing to grow steadily. And we haven’t seen any decline or lack of interest from either the energy producers or the food industry side of the equation at this point.”
SP Global says demand for soybean oil from the U.S. biofuel industry has been rising quickly since 2020 as processors are more confident about the government’s commitment to an energy transition.
