hellenicshippingnews.com (16/10/2017) - US soybean oil net export sales rose 32,836 mt, or 1,284.2%, last week, Department of Agriculture data showed.

Soybean oil net export sales increased to 35,393 mt from 2,557 mt for the reporting week ended October 5. Weekly physical exports for soybean oil also rose, increasing by 25,191 mt to 36,562 mt.

Both net export sales and physical exports were split between the 2016-2017 marketing year, which ended September 30, and the 2017-2018 marketing year, which began October 1.

The top countries to which the US sold current marketing year soybean oil last week were Mexico at 16,026 mt, the Dominican Republic at 9,517 mt and Canada at 2,972 mt.

The top weekly physical soybean oil export destinations were South Korea at 16,007 mt, the Dominican Republic at 7,517 mt and Mexico at 2,148 mt.

Net sales are considered a more appropriate indicator for the strength of the soybean oil market. The difference between weekly net export sales and weekly exports is timing, with the agricultural products first bought — the weekly net export sales figure — and then physically exported, which is the weekly physical export figure.
Source: Platts