Soybean Oil
U.S. Soybean Oil Exports in 2023
Total Export Value
$238.82 Million
Total Volume
152,266 Metric Tons
3-Year Average
$714.58 Million
Compound Average Growth
-11.57% (2014-2023)
| Market | Total Value (USD) |
|---|---|
| Canada | $85.91 Million |
| Mexico | $66.23 Million |
| European Union | $21.51 Million |
| Jamaica | $11.53 Million |
| Dominican Republic | $10.39 Million |
| Colombia | $7.23 Million |
| Kuwait | $5.4 Million |
| Panama | $3.88 Million |
| Bahamas, The | $3.63 Million |
| United Arab Emirates | $2.6 Million |
Data and Analysis
Soybean production in marketing year (MY) 2024/2025 is estimated at 12.9 million metric tons (MMT) on favorable conditions and slightly higher area.
Post revises down its Marketing Year (MY) 2023/24 production estimates to 150 million metric tons (MMT) due to (i) the recent floods in Brazil’s southernmost state of Rio Grande do Sul and (ii) lower yields across several states.
This report analyzes all vegetable oil markets in Korea, whether for food or industrial use, and covers oils derived from soybean, palm, palm kernel, olive, rapeseed/canola, grapeseed, sunflower seed, corn, coconut, sesame, perilla seed (a leafy plant from the mint family), and rice bran.
News and Features
Private exporters reported the following sales activities for MY 2024/2025: 30,000 MT of soybean oil for delivery to India, 261,264 MT of soybeans for delivery to Mexico, 135,000 MT of soybean cake and meal for delivery to the Philippines.
Private exporters report sales to China, India, Mexico, and unknown destinations.
Private exporters reported to the following sales activity for MY 2024/2025: 21,000 MT of soybean oil for delivery to Mexico, 125,000 MT of corn for delivery to unknown destinations, and 292,800 MT of soybeans received in the reporting period for delivery to unknown destinations.