Soybean oil prices and export premiums surged in Brazil last week. According to Cepea researchers, the uptick is driven by strong demand, particularly from domestic biodiesel industries. This increased buying interest is expected to absorb a portion of the national soybean oil production, reducing the exportable surplus.
Cepea's survey shows that the price of the derivative in the São Paulo region, with 12% ICMS, reached its highest nominal value since March 21, 2023, closing last Thursday, 18th, at R$ 6,063.57/t.
According to the USDA, Brazilian soybean oil production is set to reach record levels, both in the 2023/24 crop year (from October 2023 to September 2024) and in the 2024/25 season (from October 2024 to September 2025), with projections of 10.8 million tons each.
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