ABA: Demand for soybean oil and other vegetable oils has exceeded supply while prices have skyrocketed
ABA recently released an infographic about the demand for soybean oil and vegetable oils. The demand has currently exceeded the supply, causing prices to rapidly increase.
The price of soy oil in the U.S. has tripled in the past year, adding $12B to consumers' food costs. Economists project that later this year, there may not be enough supply for all food producers. Economic analysis shows that the major driver of this market disruption is the increased use of edible oils to make biofuels for diesel engines.