The U.S. exported just 5,329 MT of soybean oil during the week of Jan. 30, the third consecutive week of slow movement. The four-week average export volume was 5,652 MT, down 74 percent from the average for those four weeks last year.
Sales of soybean oil remained good, however, with net sales of nearly 53,000 MT during the week. Egypt was the major buyer at 30,000 MT.
Total soybean oil commitments were just over 602,300 MT: outstanding sales of 272,247 MT and cumulative exports of 330,060 MT. As a share of USDA’s current forecast, total commitments were near 80 percent as of the end of January, due to the month’s high volume of sales.
Soybean meal exports continued to track closely along 2017/18’s pace. Cumulative exports as of Jan. 30 were 3.6 MMT, and outstanding sales were 3.7 MMT, both volumes very close to 2017/18’s numbers to date. Soybean meal exports in 2017/18 had a stronger pace in Apr-Sep than usual, and USDA is forecasting 2019/20 soybean meal exports to be about 6 percent lower than 2017/18’s total.