Prices of soybeans, soybean products, and palm oil rose due to the unfavorable weather conditions in South America and Malaysia. From September to November 2021, global palm oil exports decreased by 3% compared to the previous year, mainly due to the reduced purchases from China, India, Pakistan, and several African countries. From July to December 2021, the export volume of rapeseed from Ukraine to EU 27 countries decreased to 1.76 million MTS, while the export volume to other countries increased. From January to November 2021, the consumption of 17 kinds of oils and fats in the United States increased by 5% to 22.8 million MTS, creating a new record.
The main oil-bearing crops in China are soybeans, rapeseeds, peanuts, sesame seeds. China imports huge volumes for domestic oil pressing factories and palm oil for domestic market consumption. The price trend is continuously monitored, especially around the Lunar New Year's season.
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