Bangladesh's Soybean Oil Prices Rally on Food Oil Supply Concerns

Bangladesh's refined soybean oil prices jumped by 10% over the last month and are up 35% YoY, as world demand for soybeans and their derivatives is outstripping supply. When the numbers are finalized, the value of Bangladesh's 2021 soybean oil imports could most likely be double the USD 417 million imported in 2020. A reduction in Brazilian and Argentinian soybean production pushed prices even higher early this year and tensions in Eastern Europe is providing further support to oilseed prices.