US soybean oil 2024/25 net sales and exports tumbled in the week to November 7, according to the latest figures issued by the USDA on Friday November 15.
At 16,500 tonnes, domestic soybean oil sales were down by 86% from the prior week. Over the same reported period, the US exported 2,000 tonnes of soybean oil, down by about 20% week on week.
Market sources had told Fastmarkets prior to the USDA release that they expected US sales and shipments of soyoil would start to dry up, since basis levels on soybean oil in Argentina had eased recently.
Palm oil is usually the cheapest global vegetable oil, and it is usually priced at a discount of $30-40 per tonne to soybean oil. However, palm oil has been trading at a premium to soybean oil since August.
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