US soybean oil sales and exports for the 2024/25 marketing year fell in the week to December 12, according to the latest US Department of Agriculture data released on Thursday December 19.
Soybean oil sales tumbled by 91% on the week to 6,000 tonnes, while exports were down by 18% on the week to 13,000 tonnes.
Since August, palm oil — normally the cheapest vegetable oil globally that trades at a discount of $30-40 per tonne to soybean oil — has been trading at a sharp premium instead.
Then, at several intervals since October, Argentina’s soybean oil basis premiums rose above those for US soyoil for the first time since 2022. This quickly shifted foreign demand to the US export market, making it an attractive option for buyers.
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