U.S. soybean oil exports for the 2023/24 marketing year rose to 500 tonnes (MT) during the week ending January 25, according to the USDA’s Weekly Export Report released on February 1. The export figure was up from 300 MT from the week prior. Buyers were Canada (400 MT) and Mexico (100 MT). Domestic soybean oil sales for 2023/24 were 1,000 MT, up sharply over the period, but down from the four-week average. Sales increases were primarily for Canada (800 MT).
Cumulative U.S. soybean oil sales for the 2023/24 marketing year increased just about six percent on the week but were down almost 61 percent (13,900 MT) from the same week a year earlier. Outstanding domestic soybean oil sales rose 2.1 percent (500 MT) during the week ending January 25. The figure was also up 31 percent (5,700 MT) on the year.
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