Houston — US soybean oil net export sales last week grew 9,444 mt, or 181.5%, Department of Agriculture data showed Thursday.
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Soybean oil net export sales increased to 21,029 mt for the reporting week ended November 30, from 11,585 mt the week prior. Weekly physical exports for soybean oil decreased by 28,559 mt to 2,152 mt.
The top countries to which the US sold current marketing year soybean oil last week were South Korea at 8,000 mt, Cuba at 7,600 mt and Nicaragua at 4,000 mt.
The top weekly physical soybean oil export destinations were Mexico at 1,589 mt, Canada at 477 mt, and Trinidad and Tobago at 66 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.