Global vegetable oil prices remain under pressure from increased supply of soybean oil

Published 2024년 5월 8일

Tridge summary

Vegetable oil prices have rebounded after a dip, with soybean and palm oil prices rising despite a drop in crude oil prices. This is due to concerns over increased supply and adverse weather conditions in key production areas. In China, soybean oil prices rose due to lost soybean production in Brazil, while palm oil prices in Malaysia increased due to forecasted adverse weather in Indonesia. India has increased its imports of edible oils by 13%, with a particular rise in palm and soybean oil imports, driven by lower crude palm oil prices. The average price of sunflower oil in Ukraine has fallen, while export prices for Russian sunflower oil have increased, slightly reducing demand from India and China.

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

Original content

Over the past week, vegetable oil prices recovered from a fall, although they remain under pressure from the seasonal increase in soybean and palm oil supply, as well as falling oil prices. Despite the 3.2% decline in oil prices over the week, soybean oil prices in Chicago and palm oil prices in Malaysia rose by 2.2-3.2%, recovering from the drop at the end of last week. the July futures for soybean oil in Chicago this week rose 3.2% to 980 $/t (-9% for the month) on the news of the loss of 1-2 million tons of soybeans in Brazil. the June futures for palm oil in Malaysia on Monday rose 2.2% to 3930 ringgit/t or 830 $/t on forecasts of adverse weather in Indonesia. Meteorological Agency of Indonesia has warned that from 7 to 13 may in the country may be thunderstorms and tornadoes, which can lead to landslides and floods. From May to August, 64% of the country will experience a dry season, which will negatively affect the yield of palm trees. On the stock exchange in Dalian, the ...

Source: UkrAgroConsult