Brazilian soybean oil imports soar

Brazil imported more than 104 k tonnes of soybean oil in the year until October, an increase of 247% in relation to the 30 k tons of the same period last year. In October alone, the volume imported was over 67 k tons. For November, the expectation is for a volume above 70 k tons.

This awkward situation stems from the high volume exported by the country this year, coupled with strong domestic demand, which has led regulatory stocks to reach the lowest level in history.

So far, Argentina has been the main source, accounting for 78% of the volume, followed by Paraguay with the remaining 22%. After zeroing import tariffs last month for countries outside the Mercosur bloc, the USA is expected to be one of the sources of supply.