Net sales of soybean oil in the US for the 2024/25 marketing year were up sharply in the week ended October 17, according to data published by the USDA on Thursday October 24. This reflected the uptick this week in Gulf Coast crude-degummed soybean oil basis indications.
Domestic soyoil sales totaled 29,000 tonnes, surging from a total of 400 tonnes in the week ended October 10.
The massive upswing in soybean oil sales had been expected by market participants because Argentine soyoil basis premiums were now higher than those in the US. This made the US Gulf export market a more attractive option for international buyers.
On October 18, the USDA announced under its 24-hour reporting system that 21,000 tonnes of US soyoil had been sold to Mexico, the largest flash soybean oil sale of the season so far.
Mexico was, in fact, the largest buyer over the course of the whole week, purchasing 21,400 tonnes of soybean oil.
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