Global soybean oil exports fell by 18% in February

In February 2026, global soybean oil shipments dropped sharply to 569 thousand tonnes due to a significant decline in crushing in Argentina and reduced exports from the United States. The decrease was only partially offset by increased shipments from Brazil.

According to Oil World (Germany), the total export volume of soybean oil from the four key suppliers (Argentina, Brazil, the US and Ukraine) amounted to just 569 thousand tonnes in February 2026. This is significantly lower than the January figure (731 thousand tonnes) and well below the level recorded in February 2025.

The main reason for the decline was a reduction in soybean crushing in Argentina to 2 million tonnes. As a result, Argentine soybean oil exports in February fell by 50% year-on-year to 260 thousand tonnes (the lowest level since October 2023).

Stocks of soybean oil in the country dropped to a six-month low of around 200 thousand tonnes as of the end of January 2026.

The increase in the price premium for US soybean oil relative to global quotations (linked to expectations of stronger demand from biodiesel and HVO producers) led to a decline in exports. US shipments fell to 55 thousand tonnes in February (compared to 72 thousand tonnes in January and 136 thousand tonnes in February 2025).

Brazil nearly doubled its exports of this product. In February, shipments reached 221 thousand tonnes (up from 146 thousand tonnes in January and 111 thousand tonnes in February 2025).

Ukraine slightly reduced its shipments. Exports totaled 33 thousand tonnes (compared to 35 thousand tonnes a month earlier and 60 thousand tonnes a year ago).

Overall, since the beginning of the season, global soybean oil exports have reached 3.52 million tonnes, which is 18.5% lower than the 4.32 million tonnes recorded a year earlier.

• Argentina — 2.47 million tonnes (vs 3.03 million a year earlier);
• Brazil — 558 thousand tonnes (up from 514 thousand tonnes);
• US — 281 thousand tonnes (down from 548 thousand tonnes);
• Ukraine — 207 thousand tonnes (vs 228 thousand tonnes).

Analysts note that declining stocks in Argentina and reduced US export potential are creating conditions for further increases in soybean oil prices. The key factors in the coming months will be demand from the US biodiesel sector and Brazil’s ability to maintain strong export momentum.

Tags: soybean oil