Global: Falling soybean oil prices weigh on other vegetable oil markets

Increased supplies of soybeans, soybean oil and meal from South America and higher forecasts for the US soybean crop due to favorable weather are increasing pressure on global soybean and soybean oil prices. In China, as a result of active imports of soybeans, prices for soybean meal for the month fell by almost 8%, which reduced the demand for the oilseed. Falling prices for soybean oil put pressure on the markets for other vegetable oils. Prices for palm and sunflower oil have not yet declined, while prices for rapeseed oil on FOB Rotterdam fell by 6.5% to 1030 $/t for the week, which corresponds to the level of last year. On the Chicago stock exchange during the week, the November soybean futures fell 5.3% to 375 $/t (-8.7% for the month, -23% for the year) under pressure from favorable weather for crops in the United States, and December soybean oil futures – by 7.3% to 925 $/t (-8.8% for the month, -36% for the year). In addition, prices are under pressure from the decline in ...