Chicago Board of Trade May soybean oil futures were down 47 points to 41.63 cents/lb Thursday after the US Department of Agriculture's weekly report showed a decline in weekly net export sales.
For the reporting week ended March 13, soybean oil net export sales dropped 5,084 mt to 2,039 mt.
The top countries to which the US sold current marketing year soybean oil were Mexico at 1,222 mt, Nicaragua at 1,000 mt and Costa Rica at 1,000 mt. There were canceled orders of 777 mt from Canada and 750 mt from unknown destinations.
Weekly physical exports for soybean oil rose 5,240 mt to 7,734 mt, rebounding after sinking 76,767 mt to 2,494 mt in the previous reporting week.
The top weekly physical coil export destinations were Mexico at 2,734 mt, El Salvador at 2,000 mt, and Nicaragua and Costa Rica both at 1,000 mt. The current marketing year for US soybean oil began September 1 and lasts through August 31, 2014.
Soybean oil represented roughly 48.52% of biodiesel feedstock in the US in 2013.
