South American soybean oil exports exceed forecasts, with India remaining the largest buyer

Argentina and Brazil exported around 920 thsd tons of soybean oil in September 2026, up 200 thsd tons from the same month last year. Actual shipments exceeded analysts’ expectations, according to Oil World.

Brazil recorded the strongest growth, more than tripling its soybean oil exports from 64 thsd to 206 thsd tons. Argentina increased shipments from 650 thsd to 710 thsd tons. India remains by far the largest buyer of South American soybean oil.

Meanwhile, the US reduced soybean oil exports to 10 thsd tons, compared with 18 thsd tons in September 2025. As a result, Argentina and Brazil were the main drivers of growth in global export shipments, while US exports remained at a low level.

During July–September, the three major exporters — Argentina, Brazil and the US — shipped a record 2.77 mln tons of soybean oil to international markets. India and Nepal accounted for 58% of this volume, or 1.6 mln tons. A year earlier, their combined share stood at 48%, with purchases totaling 1.18 mln tons.

Analysts expect South American soybean oil exports to decline seasonally in October–December due to lower soybean crushing volumes in Argentina and Brazil. Nevertheless, shipments are likely to remain above last year’s levels, highlighting the region’s continued importance in global soybean oil trade.

Tags: soybean oil, Brazil, Argentina, export