US domestic soybean oil exports increased by more than 52% in the week to October 24, to 2,900 tonnes, according to data published by the USDA on Thursday October 31. This was up from exports of 1,900 tonnes in the prior week.
US soybean oil shipments went to Canada (2,200 tonnes), Mexico (500 tonnes) and Saudi Arabia (100 tonnes) during the weekly period under review.
Soyoil exports from the US increased last week, as cash basis premiums for US Gulf Coast crude-degummed soybean oil advanced.
Market sources attributed the uptick in cash basis to low river levels and improved South American soyoil basis premiums.
For the first time since 2022, at the beginning of October, Argentina’s soyoil basis premiums rose above those for US soybean oil, making the Gulf export market a better option for foreign buyers.
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