Outstanding export sales for 2021/22 soybean oil were boosted by strong weekly volumes in November, and total sales as of Dec. 9 were around average for this time of year. Weekly sales, however, have slowed significantly so far in December, as South Korea has pulled back on orders.
After a sluggish start to the marketing year, soybean oil shipments picked up in November and were near average pace last week. Destinations were the usual (Mexico, Caribbean nations, Canada).
Total export commitments of 319,000 MT (703.3 million pounds) were 60 percent of USDA’s forecast for 2021/22, right around last season’s level, although higher than early December commitments usually seen. USDA is expecting soybean oil exports to be rather low this year, as domestic use for biofuel is anticipated to climb to 11.0 billion pounds, up from 8.85 billion in 2020/21.
Outstanding soybean oil export sales
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