Brazilian biodiesel demand sucking up soy oil supplies for would-be exports

In Brazil, Platts reports that increased demand for biodiesel blending domestically has soaked up a lot of surplus soybean oil that would have typically been available for export. US Foreign Agricultural Service data showed that despite a record soybean crop last season, export availability of soybean oil remained steady at 1.3 million metric tons. Oil production soared to 12 million tons on the back of the bumper crop. With lower production of palm oil in Southeast Asia, vegetable oil markets are even tighter with less Brazilian soy oil available.