Although net weekly soybean oil export sales returned to positive territory last week, that volume was just 708 MT (1.56 million pounds), and outstanding 2020/21 sales fell to 16,928 MT (37.32 million pounds). We had to look back 20 years to find a lower level of outstanding sales at this point in the marketing year.
USDA reduced projected exports to 1.775 billion pounds in the July WASDE, down from 1.9 billion in the June WASDE and 2.3 billion in the May report—and 1.775 billion pounds look like a reach at this point. Domestic use for food and biofuels has left little supply available for export.
Cumulative soybean oil exports by season
Outstanding soybean oil export sales
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