US export demand for soybean oil remains robust and is expected to stay that way well into the first quarter of 2025, various market sources tell Fastmarkets.
Although the US biofuel sector has halted soybean oil purchases for the early part of 2025 without guidance on the 45Z Clean Fuel Production Credit, increased demand from foreign buyers has underpinned soybean oil basis levels in the US Gulf Coast.
“Exports are still going strong. It feels like the market is pretty tight through the holidays and it’s looking like exports will keep things tight through January,” a trader said.
At 12pm ET, the US Department of Agriculture released its latest monthly World Agricultural Supply and Demand Estimates (WASDE), raising 2024/25 forecasts for US soybean oil production and exports.
The 2024/25 soyoil export projection was hiked by 500 million lb on the month to 1.1 billion lb.
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