Brazil soybean oil exports rise as Conab forecasts record 2026-27 soybean crop

Brazil's soybean oil exports totaled approximately 1.57 million metric tons January-August, exceeding shipments for the whole of 2025, as the country's expanding crushing industry increased soybean oil production amid continued domestic demand from the biodiesel sector.

The Brazilian Association of Vegetable Oil Industries (Abiove) estimated soybean oil exports at 1.8 million mt for calendar-year 2026, compared with approximately 1.36 million mt shipped in 2025, according to Brazilian government trade data.

Abiove also projected soybean oil production at 12.8 million mt in 2026, supported by an estimated 63.5 million mt of soybean crushing, up 8.2% from 2025.

The soybean oil market figures accompanied a new Brazilian soybean supply outlook released Oct. 15 by the National Supply Co. (Conab), which forecast record soybean production of 181.62 million mt for the 2026-27 crop year.

The forecast represented an increase of 1.21 million mt, or 0.7%, from Conab's latest 2025/26 estimate of 180.41 million mt.

Conab projected soybean planted area at 49.31 million hectares, up 1.4% year over year, while average yields were estimated at 3.68 mt/hectare, down 0.8%.

The agency also forecast soybean exports at 117.97 million mt for 2026-27, up 1.51% from the previous season, and soybean meal exports at 27.1 million mt, an increase of 3.06%.

Conab identified biodiesel consumption as a factor supporting domestic soybean demand.

Brazil's soybean processing industry has expanded alongside the growth in soybean oil production and exports.

Abiove's annual processing capacity survey, released in October, showed installed Brazilian oilseed processing capacity increasing 13.1% year over year to 86.4 million mt annually.

The survey recorded 148 active processing plants, compared with 131 in the previous year, while the number of companies operating in the sector increased to 89 from 75.

The increase in processing capacity coincided with higher soybean crushing volumes and soybean oil exports during 2026.

Brazil's soybean oil sector has also been supported by domestic demand from biodiesel production, with soybean oil remaining a major feedstock for the country's renewable fuel industry.

The latest Conab crop estimate follows a period of expanding Brazilian soybean processing capacity, increased soybean oil production and stronger export shipments, alongside continued domestic consumption from the biodiesel sector.