Brazil soybean oil exports rise as Conab forecasts record 2026-27 soybean crop

Brazil's soybean oil exports reached approximately 1.57 million metric tons from January to August, surpassing the total shipments of 2025. The country's expanding crushing industry and continued domestic demand from the biodiesel sector have driven this increase. The Brazilian Association of Vegetable Oil Industries (Abiove) anticipates soybean oil exports of 1.8 million metric tons for 2026, up from 1.36 million mt in 2025.

Abiove also predicts soybean oil production to reach 12.8 million mt in 2026, driven by an estimated 63.5 million mt of soybean crushing, an 8.2% increase from 2025. The National Supply Co. (Conab) forecasts record soybean production of 181.62 million mt for the 2026-27 crop year, marking a 0.7% increase from the previous estimate of 180.41 million mt.

Conab expects soybean planted area to rise to 49.31 million hectares, a 1.4% increase, with average yields projected at 3.68 mt/hectare, down 0.8%. Conab also anticipates soybean exports to amount to 117.97 million mt for the 2026-27 season, growing by 1.51% from the previous year, and soybean meal exports at 27.1 million mt, an increase of 3.06%.

Biodiesel consumption is contributing to domestic soybean demand. Brazil's soybean processing industry has grown in tandem with soybean oil production and exports, with installed oilseed processing capacity expanding by 13.1% year over year to 86.4 million mt annually. The number of active processing plants has risen to 148, compared to 131 in the previous year, and the industry now comprises 89 companies, up from 75.

This surge in capacity aligns with higher soybean crushing volumes and soybean oil exports throughout 2026. The latest Conab crop estimate aligns with the ongoing expansion of Brazilian soybean processing capacity, higher soybean oil production, and robust export shipments, coupled with sustained domestic consumption from the biodiesel sector.