U.S. net soybean oil exports reached a new marketing-year high during the week ending March 14 of 12,500 tonnes. The top buyers were Colombia (11,000 tonnes) and Mexico (1,300 tonnes), according to the USDA’s Weekly Export Report. Net U.S. 2023/24 soybean oil sales were down 83% on the week and 80% from the four-week average to a total of 1,900 tonnes. The destination was Mexico.
During the week under review, cumulative U.S. soybean oil sales for 2023/24 increased 15.85% on the year. Total U.S. soybean oil commitments for 2023/24 were up 1,900 tonnes, or 2.60%, on the week and increased 500 tonnes, or 0.87%, from the same period in 2023.
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