The global push to make renewable biodiesel part of the solution to climate change is driving soybean oil prices to record levels, but industry experts caution the market growth needs to be carefully executed. Iowa Soybean Association CEO Kirk Leeds says veg oil demand for biodiesel and human consumption is going up during a time when U.S. soybeans are at pipeline supplies, which could be a problem.

He says all the vegetable oils are seeing record high prices as a result of increased global demand especially for biofuels.

Leeds says the U.S. biodiesel industry can grow but it will take more investment. This is something that was left out of the Biden administration’s infrastructure package.

He says they’re currently talking with lawmakers and anticipates the final infrastructure package will have a bigger carve out for renewable fuels.