Soybean Oil
U.S. Soybean Oil Exports in 2023
Total Export Value
$238.82 Million
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
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.
Post revised down Indonesia palm oil exports estimate to 27.9 million metric ton (MMT) on lower supplies, higher domestic use and expected reduced export demand for 2023/24. Palm oil use for the biodiesel industry is revised down to 12.3 MMT for 2023/24 on lower-than-expected biodiesel distribution in 2023.
News and Features
USDA and USAID will deploy $1 billion in Commodity Credit Corporation funding to purchase U.S.-grown commodities to provide emergency food assistance to people in need throughout the world.
Private exporters reported the following sales activity: 150,000 MT of corn for delivery to Mexico during MY 2023/2024 and 20,000 MT of soybean oil for delivery to unknown destinations during MY 2022/2023.