Crude oil rose by $4.01 following US/Israel strikes on Iran over the weekend, providing spillover support to soybean oil. However, uncertainty surrounding China ahead of a potential meeting later this month, along with its condemnation of the US strikes on Iran, added pressure to the market.

The Export Inspections report for the week ended February 26 showed soybean shipments at 1.138 MMT (41.8 million bushels). This was 66.9% higher than the previous week and 62% above the same week last year. China was the largest destination at 734,698 MT, followed by Germany at 132,978 MT and Mexico at 105,122 MT. Since September 1, marketing year soybean exports have totaled 26.18 MMT (962 million bushels), which is 30.4% lower than the same period last year.

The monthly Fats & Oils report indicated that 227.8 million bushels of soybeans were crushed in January, exceeding estimates. This was down 0.87% from December but 87.2% higher than the same month last year. Soybean oil stocks increased 11.72% from the end of December to 2.43 billion pounds, 33.9% higher year-on-year.

AgRural estimated Brazil’s soybean harvest at 39% complete, behind last year’s 50% pace. The agency trimmed its production estimate by 3 MMT to 178 MMT. StoneX also lowered its estimate to 177.8 MMT, a reduction of 3.8 MMT from its previous projection.