17.03.2026, 11:51
Global soybean oil exports decline amid reduced soybean processing in Argentina
Lower soybean processing and rising price premium in the United States affected global supplies
According to the analytical agency Oil World, global shipments of soybean oil declined in February. The combined export volume from the main supplier countries — Ukraine, the United States, Argentina, and Brazil — amounted to about 569 thousand tons, compared with 731 thousand tons in January this year and 829 thousand tons in February 2025.
The main reason for the decline was a reduction in soybean processing in Argentina, which fell to 2 million tons. According to previous estimates, Argentine soybean oil exports in February this year dropped by 50% compared with the same period last year and amounted to 260 thousand tons. This represents the lowest monthly figure since October 2023. In addition, soybean oil stocks in the country declined to about 200 thousand tons by the end of January 2026, marking a six-month low.
Another factor contributing to the reduction in global supplies was the higher price premium for U.S. soybean oil relative to world prices. This is linked to expectations of a significant recovery in demand from biodiesel and HVO producers in the United States in the coming weeks. In February, soybean oil exports from the United States also decreased to 55 thousand tons, compared with 72 thousand tons a month earlier and 136 thousand tons in February 2025.
At the same time, part of the decline in global shipments was offset by an increase in exports from Brazil. In February, the country shipped 221 thousand tons of soybean oil, nearly twice as much as in January (146 thousand tons) and significantly higher than in February 2025 (111 thousand tons). Exports of the product from Ukraine in February totaled 33 thousand tons, compared with 35 thousand tons a month earlier and 60 thousand tons a year earlier.
Overall, since the beginning of the 2025/26 marketing year, global soybean oil exports have reached 3.52 million tons, compared with 4.32 million tons during October–February of the previous season. In particular, Argentina exported 2.47 million tons (3.03 million tons a year earlier), Brazil — 558 thousand tons (514 thousand tons), the United States — 281 thousand tons (548 thousand tons), and Ukraine — 207 thousand tons (228 thousand tons).
