US: Sharp rise in price of soybean oil in Chicago supported prices for other vegetable oils

Published 2024년 7월 3일

Tridge summary

Soybean oil prices on the Chicago stock exchange reached their highest since April, increasing by 6.8% due to increased biodiesel production and rising oil prices. Meanwhile, Brent crude oil futures in London also saw a 10% rise, supported by improving US economic data and the potential for reduced US oil production due to Hurricane Beryl. Russia's ongoing increase in oil production also contributes to the market pressure. Palm oil prices also rose due to higher oil and soybean oil prices, as well as forecasted harvest reductions. Meanwhile, the average price for sunflower oil remains the same as last month, despite increased rapeseed oil supply in the EU market.

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

Original content

This week, the August futures for soybean oil on the Chicago stock exchange rose by 6.8% to the highest since April at 1035 $/t amid increased use of soybean oil in the production of biodiesel in the United States and rising oil prices. According to the USDA, in may, the volume of soybean processing in the United States increased in comparison with April by 7.9% to 5.23 million tons. September futures for Brent crude oil on the ICE Futures exchange in London amid improving economic data in the United States and possible escalation between Lebanon and Israel during the month rose 10% to 86.3 $/barrel (+2.1% per week), which is the highest value since the end of April. The quotes are supported by the expected increase in demand for oil and fuel due to increased travel by Americans on Independence Day. In addition, the strengthening to Category 5 of Hurricane Beryl, which has been forming in the Atlantic since the beginning of the year, could lead to a reduction in US oil production. ...

Source: UkrAgroConsult