US soybean oil demand from India continues to ramp higher due to its price competitiveness to that of palm oil in the global market.
The USDA on Monday December 30 reported the sale of 23,000 tonnes of soybean oil to India for the 2024/25 marketing year.
This was the second large purchase of soyoil from India in the last two months. In November, the USDA reported a sale of about 30,000 tonnes of the edible oil to India.
US soybean oil foreign export demand swung sharply higher in the final quarter of 2024, with Argentina’s soybean oil basis premiums moving above those in the US for the first time since 2022.
With soybean oil futures and cash basis levels sinking, demand shifted to the US export market, making it a more cost-effective option for foreign buyers.
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