USDA review for US soybean and soybean oil for October 2021

Soybean oil prices in US ports peaked at nearly $ 500 per tonne above South American ports in mid-June, but fell sharply in July and August. However, premiums have risen again in recent weeks and are currently around $ 90 per tonne. While this is well above the previous 4-year average of $ 12 per tonne, it brings the premium closer to levels seen in March, according to oilworld.ru, citing the USDA. Much of the rise in US soybean oil prices compared to South American prices was driven by the expected surge in demand from planned purchases by biodiesel factories. US supplies were already limited and required rationing demand with higher prices to bring expected demand in line with expected supply. With a spread of nearly $ 500 per tonne, the price of US soybean oil was unacceptable and had the desired effect of reducing exports and demand for biofuels. Although premiums have dropped significantly, prices in the Gulf remain elevated at around $ 1,450 per tonne. This is about $ 400 ...