Export prices and premiums of soy oil rose in Brazil last week, driven by strong demand, especially from domestic biodiesel industries. This scenario has led the market to absorb a significant portion of the national production of soybean oil, thus reducing the exportable surplus.
According to Cepea researchers, the increase in prices was notable, with the derivative placed in the São Paulo region, with 12% of ICMS, closing last Thursday, the 18th, at the highest nominal value since March 21, 2023, at R$ 6,063.57 per ton. This movement reflects the robustness of domestic demand and the ability of biodiesel industries to maintain high consumption.
The USDA projects that Brazilian soybean oil production will reach records of 10.8 million tons in the 2023/24 and 2024/25 harvests.
The increase in soybean oil production in Brazil reinforces its role as a major global producer and sustains high prices in the domestic market. High soybean oil prices in Brazil are expected to continue, benefiting producers and the supply chain.
Source: Aline Merladete | agrolink
