Soybean Oil
U.S. Soybean Oil Exports in 2022
Total Export Value
$1.02 Billion
3-Year Average
$964.07 Million
Compound Average Growth
1.1% (2013-2022)
Top 10 Markets for Soybean Oil in 2022
| Market | Total Value (USD) |
|---|---|
| India | $207.66 Million |
| Canada | $158.17 Million |
| South Korea | $143.83 Million |
| Mexico | $116.52 Million |
| Guatemala | $96.47 Million |
| Venezuela | $86.06 Million |
| Dominican Republic | $58.87 Million |
| Colombia | $37.62 Million |
| Jamaica | $30.94 Million |
| Honduras | $9.49 Million |
Data and Analysis
FAS Manila forecasts copra production at 3 million MT for MY 2023/24 because of the coming El Niño and the break from the 3-year productive cycle. Soybean meal imports are projected to reach 2.9 million MT because of expected expansion in the broiler and aquaculture sectors.
The Korea oilseeds and products market is mature with limited annual change, reflecting stable consumer demand and stagnant domestic production.
In 2022/23, Brazil is forecast to reap a record soybean crop of 153 million metric tons (MMT). Post maintained the forecast for planted area expansion of 43.3 million hectares (ha). Harvest lags behind schedule compared to previous years,
News and Features
April 3, 2023
Export Sales to Mexico and Unknown Destinations
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.