July 2025 Outlook Report: Oils

- Key Indicators: Global freight prices averaged USD 3,395.91 per 40-foot container in Jun-25, 59.90% higher month-on-month (MoM) but still 20.69% lower year-on-year (YoY), driven by frontloading ahead of expected tariff expirations. Meanwhile, the World Bank’s Fertilizer Index rose to 142.98 points, a 7.34% MoM uptick and 20.96% YoY increase, supported by rising prices in urea, diammonium phosphate (DAP), and potassium chloride.

- Soybean Oil: United States (US) soybean oil prices are likely to retain upward momentum in Jul-25 supported by increased export demand. Argentine soybean oil prices are expected to remain firm, underpinned by continued strong sales activity and resilient export demand.

- Palm Oil: In Malaysia, prices are expected to face renewed downward pressure as palm oil-producing regions enter a period of seasonal production gains.

- Sunflower Oil: In Jul-25, sunflower oil prices are expected to trend upward in Ukraine and Russia due to intensifying supply shortfalls. Additionally, these supply shortages in Russia and Ukraine are expected to keep prices in the European Union (EU) elevated.