Global soybean oil prices will rise by 4% in 2022

In 2022, soybean oil prices are projected to rise by almost 4% to $ 1,425 per tonne, driven by increased demand for biofuels. In 2021, the average annual price of soybean oil rose sharply, increasing 65% year-on-year to $ 1,385 per tonne. India remains the world's largest importer of soybean oil, while Argentina is the world's leading supplier. Soybean oil price forecast for 2022 According to the October forecast of the World Bank, the average annual price of soybean oil will rise by almost 4% to $ 1,425 per tonne in 2022. The main driver of this growth will be the growing demand for biofuels, especially in Asia. In 2021, the average annual price of soybean oil soared 65% over the previous year, from $ 838 to $ 1,385 per tonne. The fastest rise in prices was recorded in the third quarter, fueled by weather-related disruptions to production in South America, strong demand in China and high freight rates. Import of soybean oil In 2020, purchases of soybean oil abroad increased by ...