Houston — US soybean oil net export sales rose 9,722 mt, or 66.9%, last week, Department of Agriculture data showed Thursday.
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Soybean oil net export sales increased to 24,244 mt from 14,522 mt for the reporting week ended December 14. Weekly physical exports for soybean oil also rose, increasing by 3,672 mt to 15,661 mt.
The top countries to which the US sold current marketing year soybean oil last week were the Dominican Republic at 11,202 mt, South Korea at 7,900 mt and Mexico at 3,446 mt. There were cancellations for 1,344 mt from Canada.
The top weekly physical soybean oil export destinations were the Dominican Republic at 9,802 mt, Mexico at 5,230 mt and Canada at 396 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.
--Wes Swift, firstname.lastname@example.org
--Edited by Derek Sands, email@example.com