Brazil’s record soy harvest drives mass soybean oil exports due to biodiesel mandate delay
In Brazil, Bloomberg reports Brazil’s record soybean harvest and strong processing activity have created a surplus of soybean oil, driving exports sharply higher after delays in expanding the country’s biodiesel mandate. Although global soybean oil prices have surged this year, Brazilian export prices remain heavily discounted, especially at Paranaguá port. Exports rose 47% through April, reaching one of the highest levels in two decades. Brazil currently blends 15% biodiesel into diesel, while a planned increase to 16% remains under review. Abundant soybean supplies are pushing processors to focus on export markets including India, Bangladesh, and North Africa.
Category: Fuels
