Global soybean oil prices continue to rise amid tight supply

Global soybean oil exports continue to decline, hitting a 10-year low in October amid a poor 2022/23 soybean crop in Argentina, the world's top soybean oil producer and exporter. According to Oil World, total exports of soybean oil from Argentina, Brazil, Paraguay, the United States and Ukraine in October decreased compared to September from 559,000 tons to a 10-year low of 386,000 tons, which is significantly lower than the 466,000 tons in October 2022. A for 10 months of the current year, the total export of soybean oil decreased by 0.9 million tons to 6.4 million tons, which is a 9-year minimum. Thus, in October, the export of soybean oil decreased compared to September: For 10 months of 2023, Brazil exported 2.1 million tons of soybean oil, and Argentina - 3.4 million tons (compared to 3.9 million tons for the same period in 2022). In 2022/23, Ukraine exported 277,000 tons of soybean oil, or an average of 19,000 tons per month. December soybean oil futures on the Chicago ...