U.S. soybean oil exports were around 103,300 MT last month, up 6 percent from March 2018 and 14 percent higher than the previous five-year average for the month. Recent sales have also been strong, and Mar. 28’s outstanding sales of 143,580 MT were a bit better than the week’s sales in most recent years. Last year’s outstanding sales were notably higher due to strong sales during Jan-Mar 2018, but a chunk of those sales rolled over into 2018/19.
In March, USDA projected 2018/19 soybean oil at 2.25 billion pounds, unchanged from February but down 8 percent from 2017/18, and at this point that goal seems reachable.