US soybean oil net export sales fell 926,343 mt, or 59.6% last week, according to data from the US Department of Agriculture released Friday.
Soybean oil net export sales decreased to 17,856 mt from 44,199 mt for the reporting week ended December 28. Weekly physical exports for soybean oil, however, rose, increasing by 27,513 mt to 31,488 mt.
The top countries to which the US sold current marketing year soybean oil last week were Guatemala at 9,500 mt, South Korea at 4,900 mt and Mexico at 1,307 mt.
The top weekly physical soybean oil export destinations were South Korea at 16,900 mt, the Dominican Republic at 5,400 mt and Jamaica at 3,500 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.
