April soybean oil export sales have come down from the elevated levels we saw during the second half of March and have been closer to average.
For the week of Apr. 9, net soybean oil export sales were 21,180 MT, down 15 percent from the previous week; sales to South Korea were 4,000 MT, up from 3,000 MT during the week of Apr. 2. South Korea had gone on quite a buying spree in March, with purchases of 77,000 MT in just two weeks. As of Apr. 2, South Korea’s outstanding orders were 121,000 MT, compared to 75,000 MT a year ago.
Shipments totaled 18,406 MT for the week of Apr. 2, destined primarily to South Korea (12,000 MT) and Mexico (5,800 MT). Cumulative exports rose to 636,430 MT (1.403 billion pounds), or 58 percent of USDA’s new export forecast for 2019/20.
Right now, soybean oil exports appear to be on track to hit USDA’s projection, but global efforts to contain the coronavirus will touch demand from the food industry, as it is affected by restaurant and hotel closures.
Weekly soybean oil export sales, by season
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