US Gulf Coast crude-degummed soybean oil basis indications held their ground in the week to Friday January 3, as US exports reached a new marketing year high the week prior.

Data released by the USDA on Friday showed that US soybean oil exports totaled 59,700 tonnes in the week to December 26, 2024.

“The market is still seeing export sales put on out of the US, as this is the best value,” said one trading source. 

India was the top buyer of soybean oil in the last week of 2024, purchasing 34,000 tonnes of the vegetable oil from the US.

Increased exports to India, the world’s largest consumer and importer of edible oils, should continue into early 2025. The USDA reported on December 30 the sale of 23,000 tonnes of soybean oil to India for the 2024/25 marketing year.

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