Source: Oleoscope (Russia)
Global soybean oil exports February plummeted to 569,000 tonnes due to a sharp decline in processing in Argentina and lower shipments from the US. Moreover, this decline was only partially offset by growth in Brazilian exports.
Global Soybean Oil Exports February: Supplier Country Breakdown
According to Oil World (Germany), in February 2026, the combined soybean oil export volume from four key supplier countries (Argentina, Brazil, the US, and Ukraine) was only 569,000 tonnes. Furthermore, this is significantly lower than the January figure (731,000 tonnes) and significantly lower than the February 2025 level.
The main reason for the decline was a reduction in soybean processing volumes in Argentina to 2 million tonnes. Consequently, Argentine soybean oil exports in February plummeted by 50% year-on-year, to 260,000 tonnes (the lowest level since October 2023).
The country’s soybean oil reserves fell to a six-month low of approximately 200,000 tons at the end of January 2026.
US and Brazil Export Dynamics
The rising price premium for US soybean oil relative to global prices (linked to expectations of increased demand from biodiesel and HVO producers) led to a decline in exports. Furthermore, shipments from the US in February fell to 55,000 tons (compared to 72,000 in January and 136,000 in February 2025).
Brazil nearly doubled its exports of this product. Specifically, in February, shipments reached 221,000 tons (up from 146,000 in January and 111,000 in February 2025).
Ukraine slightly reduced its shipments. Meanwhile, exports totaled 33,000 tons (compared to 35,000 the previous month and 60,000 a year ago).
Season Totals and Price Outlook
Since the start of the season, global soybean oil exports have reached 3.52 million tonnes, down 18.5% from 4.32 million tonnes last year.
- Argentina — 2.47 million tonnes (compared to 3.03 million tonnes a year earlier);
- Brazil — 558,000 tonnes (up from 514,000 tonnes);
- US — 281,000 tonnes (down from 548,000 tonnes);
- Ukraine — 207,000 tonnes (down from 228,000 tonnes).
Analysts note that declining stockpiles in Argentina and reduced US export potential are creating the conditions for further soybean oil price growth. Therefore, the key factors in the coming months should be demand from the US biodiesel industry and Brazil’s ability to maintain high shipment rates.
It was previously reported that Argentina is increasing sunflower seed shipments to the EU, leading to increased processing in the union. Additionally, given Bulgaria’s domestic sunflower production of approximately 1.5 million tons, imports of this volume should account for approximately 26–27% of the national harvest and will become a significant factor for the processing market.