World exports of soybean oil in October were the lowest in 10 years

Last month, soybean oil exports from Argentina, Brazil, Paraguay, the US and Ukraine dropped to 386 thousand tons, the lowest level in the last 10 years. According to OilWorld (Germany), in September, the sales of the product were estimated at 559 thsd tonnes, and in October 2022 – at 466 thsd tonnes.

For example, shipments from Brazil almost halved last month, from 155 thousand tons to 83 thousand tons. The situation is similar in Argentina: the exports decline from month to month is recorded by 30% to 225 thsd tonnes.

In general, the global soybean oil supplies since the beginning of the year (January-October) also decreased to 6.4 mln tonnes, the lowest level in the last 9 years.

“The soybean oil segment has slightly lost its share in the global vegetable oil market due to high competition from palm, sunflower and rapeseed oils,” German analysts say, “This is mainly due to high domestic demand for soybean oil in the US and Brazil from the biofuel industry, which reduced the supply of oil on the export market despite the increase in production.

Tags: soybean oil, prices