US soybean oil supply and demand figures for the 2026/27 marketing year remain unchanged: production stands at 32.59 billion pounds, up 5.6% year-on-year. Soybean oil usage for biofuel production is projected at 17.8 billion pounds, a 22.3% increase from the previous year. Exports are forecast at 400 million pounds, well below the 1 billion pounds recorded the prior year. The average annual price is estimated at 70 cents per pound, up from 64 cents per pound the previous year.

While US soybean oil production rose by 5.6% year-on-year in 2026/27, the volume used for biofuels surged by 22.3%—a rate of demand growth far outpacing the increase in production. Despite a sharp decline in exports, the average annual price rose by approximately 9.4%, with overall supply and demand dynamics providing bullish support for spot soybean oil prices. In the futures market, the benchmark soybean oil contract (2609) on the Dalian Commodity Exchange closed at 8,568 RMB/tonne on July 13, 2026, up 4 RMB/tonne from the previous settlement price, with an open interest of 583,100 lots; supported by bullish supply-demand factors in overseas markets, the outlook for soybean oil futures prices remains strong.

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