Domestic Soybean Oil Prices Retract In Bangladesh on the Back of International Prices

Soybean oil prices in Bangladesh retreated slightly on the back of lower international prices. Domestic prices decreased by 3% YoY to USD 1.96/kg as of June 13th. This should bring slight relief to consumers, however, prices remain more than 40% higher than a year ago. International prices decreased as Indonesia lifted its palm oil export ban last month, comparatively weak demand is coming from China amid Covid-19 lockdowns, and conditions are mostly favorable for the US soybean crop.