Acceleration of harvesting puts pressure on global vegetable oil quotes

The drop in oil prices this week by 5-5.9% immediately led to a drop in stock market quotations for palm and soybean oil. December soybean oil futures on the Chicago Stock Exchange fell 3.8% to $1,218/t from Monday (-13% for the month, -5.4% for the year) against the background of a good pace of soybean harvesting, an increase in new crop offers and improved crop forecasts due to favorable weather in September. According to forecasts, in 2023 the soybean harvest in the USA will amount to 112.8 million tons compared to 116.4 million tons last year, and exports will reach 48.7 million tons (54.2 million tons in 2022/23 MR). This will increase supply in the domestic market, where at the end of the previous season there was a supply shortage due to strong exports, which caused soybean oil prices to rise to $1,500/t in August, although palm oil prices remained stable at that time, and rapeseed and sunflower - went down. December palm oil futures on Bursa Malaysia fell 2.8% to 3,608 ...