Biofuel demand drives higher US soybean oil imports

The US is increasing soybean oil imports amid growing demand from biofuel producers. In July, imports rose to 33 thsd tons from 13 thsd tons a year earlier, according to Oil World. Since the start of the season, imports have reached 170 thsd tons, compared with 147 thsd tons in the same period of the previous season.

Despite record domestic oilseed crushing volumes, US soybean oil supplies are becoming insufficient to meet demand. The country remains a net importer of soybean oil, while domestic prices are significantly above world market levels.

In the 2026/27 season, US soybean oil consumption for biofuel production could reach 7.9 mln tons. If so, for the first time more than half of all soybean oil consumed in the country will be used by the biofuel sector.

At the same time, the US is increasing imports of other vegetable oils and fats. In July, combined imports of 17 types of oils, fats and used cooking oil reached a record 1.06 mln tons, up from 893 thsd tons a year earlier. Rapeseed oil imports totaled 230 thsd tons, up by 57 thsd tons, while palm oil imports reached 159 thsd tons, an increase of 22 thsd tons year-on-year.

Since the start of the season, the US has imported 2.43 mln tons of rapeseed oil and 1.17 mln tons of palm oil. Biodiesel imports are also increasing, reaching 61 thsd tons in May-July, with Germany accounting for the bulk of shipments.

Tags: soybean oil, USA, biofuel