Thin demand keeps Latin American soybean oil at more than two-year lows
Refined Soybean Oil
Argentina
Brazil
Published May 30, 2023
Tridge summary
Cash prices for South American FOB soybean oil cargoes have been hovering at more than two-year lows, with overseas demand still not picking up as competing edible oils have been posting an attractive discount, market sources told S&P Global Commodity Insights. On May 24, Platts assessed the Argentinian FOB Up River and the Brazilian FOB […]
Original content
Cash prices for South American FOB soybean oil cargoes have been hovering at more than two-year lows, with overseas demand still not picking up as competing edible oils have been posting an attractive discount, market sources told S&P Global Commodity Insights. On May 24, Platts assessed the Argentinian FOB Up River and the Brazilian FOB Paranaguá prices for July dates at $881.85/mt, nearing lows not seen since October 2020 for a front-month loading. Both price assessments have dropped by more $1,000/mt since historical highs reached in April 2022. “Soybean oil is unable to attract much fresh buying as Black Sea sunflower oil prices are at a considerable discount and have a strong supply – Russia – at the moment,” said Anilkumar Bagani, commodity research head at edible oil brokerage Sunvin Group. Indeed, FOB Black Sea sunflower outright prices on May 24 were at a $150/mt discount to the South American FOB soybean oil values, Platts data showed. The product from Argentina and ...
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