Amanda Luhavalja

On the US side, Chicago Mercantile Exchange soyoil futures and export bases have risen with the perception of demand for feedstocks outstripping supply due to higher mandates and to the understanding that the US will be exporting less soyoil but also importing more feedstocks, despite recent tariff action. In Argentina, soyoil bases have dropped recently, compensating for soaring CME futures and amid the pick-up in soybean harvest and sales and lackluster Indian demand for South American soyoil.

Key takeaways: Indian vegoil importers are awaiting details on a potential US trade deal which could reduce tariffs on US soybean oil imports. Market experts doubt US soybean oil can compete on price with South American suppliers even with reduced tariffs due to freight costs and biofuel demand. Any initial import quota from the US is expected to be small representing a minor fraction of India’s total edible oil consumption.

Heading into 2026, trading sources are hopeful for policy clarity in the first quarter of the new year, which should underpin both demand and prices for US edible oils, Fastmarkets heard In the US, soybean oil is a key feedstock for biomass-based and renewable diesel production. Growth in domestic renewable fuel output lost steam in 2025 as producers faced increased feedstock costs, poor margins and regulatory uncertainty.