US refined soybean oil prices rose in February as robust demand from renewable-diesel refiners and export programs tightened supplies through the month. Early shipments allowed crushers to run above seasonal norms; mid-month Gulf Coast loading windows kept premiums intact. Late February inland tonnage shifted to fulfil export liftings, drawing stocks toward the low end of the five-year range and prompting sellers to lift offers as buyers and packaged foods replenishing for Easter, competing for barrels. Strength was concentrated in a few end-markets, with renewable-diesel refinery take-off higher year-on-year, reinforcing tighter merchant balances and stronger bids; packaged foods boosted spot buying while food-service demand remained softer. Export programs into Mexico, Colombia and South Korea absorbed volumes, reinforcing market tightness and reducing incentives for prompt discounts. Upstream logistics supported the rally: stable Midwest arrivals and positive crush margins kept throughput elevated, while inland stocks narrowed. Outlook points to mixed but resilient momentum through summer, with continued volatility tied to demand and logistics dynamics.
