Refined soybean oil increased in China’s wholesale market with the price change escalated by +45.5% YoY and the price rose by 1.74 USD per KG on 18 October 2021, where the previous year was 1.20 USD per KG. The collapse of hogs combined with the post-Covid-19 resurgence in the foodservice industry surged the demand for domestic soybean oil in China. The export of Chinese soybean oil has also decreased by 88.05M USD in 2020 which was at 175.05M in 2019. Potentially because the close border between North Korea and China, made China's export value fell by more than 50%.
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