US soybean oil net export sales plunged 37,341 mt, or 75.4%, Department of Agriculture data showed Thursday.
Soybean oil net export sales decreased to 12,173 mt from 49,514 mt for the reporting week ended January 26. Weekly physical exports for soybean oil, however, increased, rising by 9,214 mt to 19,311 mt.
The top countries to which the US sold current marketing year soybean oil last week were Morocco at 18,000 mt, Dominican Republic at 12,550 mt and Mexico at 3,246 mt.
The top weekly physical soybean oil export destinations were Mexico at 7,373 mt, Hong Kong at 2,019 mt and Guatemala at 1,000 m.
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.
