Soybean Oil

Soybean oil (~61 MMT, $65B+) is the world's second-largest vegetable oil after palm oil. Produced as 18-19% co-product of soybean crushing (alongside 79-80% meal). Argentina is world's largest exporter (~5-6 MMT, ~70% of production exported - export tax structure favors crushing over bean exports). USA renewable diesel boom is the structural game-changer: US capacity expanded 500% from 2018-2025; consumes 4-5 MMT of US oil (40-50% of domestic production), growing to 6-7 MMT by 2026-27. CBOT (ZL) is the global price reference. Soy-palm spread (~$100-200/MT premium for soy) drives Indian buying behavior. India is largest single importer (3-4 MMT) for cooking. Major dynamics: trans-fat elimination, high-oleic varietal adoption (Plenish/Vistive Gold), palm oil substitution, Argentina export tax (31%).

Global production
61.0 MMT
2024/25
Market value
$65B
Producing countries tracked
20
Grading systems
4
Active supply risks
11
Trade corridors
8
Grading systems
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National and regional grading frameworks defining tradeable quality.
Producers
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Country-level production, share of global output, exporter/importer status.
Supply risks
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Active and seasonal supply-side risks — weather, disease, geopolitical, regulatory.
Documentation
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Required export and import documents per origin-destination corridor.