Acceleration of harvesting and falling oil prices increase pressure on global vegetable oil prices

A decline in oil prices this week by 5-5.9% immediately led to a fall in stock prices for palm and soybean oil. December soybean oil futures on the Chicago Exchange fell 3.8% to $1,218/t on Monday (-13% for the month, -5.4% for the year) amid high soybean harvest rates, increased supply of new crops and higher harvest forecasts thanks to good weather in September. The 2023 U.S. soybean crop is forecast to be 112.8 million tons, up from 116.4 million tons last year, with exports expected to reach 48.7 million tons (54.2 million tons in MY 2022/23). This will increase supply in the domestic market, where at the end of the previous season, as a result of strong exports, there was a shortage of supply, due to which soybean oil prices rose to $1,500/t in August, although palm oil prices remained stable at that time, and for rapeseed and sunflower. - went down. December palm oil futures on Bursa Malaysia fell 2.8% to RM3,608/t or $764/t yesterday as demand fell from major buyers India ...