Global: Falling soybean oil prices are putting pressure on other vegetable oil markets

Published 2024년 7월 31일

Tridge summary

Global soybean and soybean oil prices are under pressure due to increased supplies from South America and improved US crop forecasts. Chinese soybean import activity has led to an almost 8% drop in soybean meal prices, reducing oilseed demand. Falling soybean oil prices are impacting other vegetable oil markets. Meanwhile, September Brent crude futures fell 3% to $78.7/barrel amid concerns about the Chinese economy and reduced speculative demand. In Ukraine, sunflower oil prices rose due to a decrease in offers, but an increase in harvesting is expected to increase supply in the near future.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Increasing supplies of soybeans, soybean oil and meal from South America and improved US soybean crop forecasts due to favorable weather are putting pressure on global soybean and soybean oil prices. In China, as a result of the active import of soybeans, the prices of soybean meal fell by almost 8% in a month, which reduced the demand for oilseeds. Falling soybean oil prices are putting pressure on other vegetable oil markets. Palm and sunflower oil prices are still flat, while canola oil FOB Rotterdam fell 6.5% for the week to $1,030/t, in line with last year's level. On the Chicago Stock Exchange during the week, November soybean futures fell 5.3% to $375/t (-8.7% for the month, -23% for the year) under pressure from favorable weather for US crops, while December f soybean oil prices - by 7.3% to $925/t (-8.8% for the month, -36% for the year). In addition, lower oil prices put pressure on prices. September Brent crude futures for the week fell 3% to $78.7/barrel (-10% on the ...

Source: Graintrade