Global soybean and palm oil prices fell to multi-month lows

Published 2024년 8월 14일

Tridge summary

The August FAS USDA report for FY 2024/25 forecasts a decrease in the global production of vegetable oils, with sunflower and palm oil seeing the largest reductions, while rapeseed and soybean oil production is expected to increase. The global consumption and ending stocks of vegetable oils are also predicted to decline. This has resulted in a decrease in the prices of soybean and palm oil futures, with palm oil demand falling as its price gap with soybean oil narrows. The average price of sunflower oil has also seen a slight decrease, despite forecasted production reductions in Ukraine, Russia, and the EU.

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

Original content

In the August FAS USDA report, the forecast for the world production of vegetable oils in FY 2024/25 was reduced by 0.95 to 227.1 million tons (223.92 million tons in FY 2023/24; 223.88 million tons in FY 2022/23 and 218 .33 million tons in 2021/22 MR), in particular sunflower - by 0.91 to 20.58 (22.19) million tons and palm oil - by 0.36 to 79.83 (79.03) million tons, which partially will be compensated by an increase in the production of rapeseed oil by 0.26 to 34.19 (34.18) million tons and soybean oil - by 0.16 to 65.52 (62.32) million tons. The forecast of the world consumption of vegetable oils in 2024/25 MR was reduced by 0.54 to 224.38 (218.82; 211.2 and 202.8) million tons, and the global ending stocks – by 0.31 to 30.06 (32 .39; 29.9 and 29.59) million tons due to the reduction of palm and sunflower oil stocks. December soybean oil futures in Chicago fell 5.1% to the lowest level since late 2020 at $862/t after the release of the USDA's two-session August report, losing ...

Source: Graintrade