US soybean oil net export sales rose to 41,170 mt in the week ending January 7, increasing 1,051% from 3,574 mt the prior week, US Department of Agriculture data showed Thursday.
Weekly physical exports for soybean oil also rose, increasing by 20,516 mt to 53,385 mt.
The top countries to which the US sold current marketing year soybean oil last week were Switzerland at 14,675 mt, Peru at 13,000 mt and Canada at 12,954 mt.
The top weekly physical soybean oil export destinations were Canada at 15,000 mt, Switzerland at 14,471 mt and Peru at 10,000 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 -- then physically exported, which is the weekly physical export figure.
