Although US soybean oil exports were down in the week to December 5, net sales for the 2024/2025 season bumped up to 63,800 tonnes from 19,500 tonnes the week before, figures released by the US Department of Agriculture on Thursday December 12 showed.

Meanwhile, over the same weekly period, soybean oil exports from the US were down by 59% on the week to 15,800 tonnes.

Globally, palm oil is usually the cheapest of the world’s edible oils that is 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.

At the beginning of October, Argentina’s soyoil basis premiums rose above those for US soybean oil for the first time since 2022, making the US Gulf export market the most attractive option for foreign buyers, depending on distance and freight rates.

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