World: Vegetable oil prices recover as biofuels rise

Published 2023년 7월 5일

Tridge summary

Soybean oil prices quickly rebounded after a drop caused by lower-than-expected EPA biofuels numbers. Traders are now focusing on the significant growth in biodiesel/HVO production in the US. Meanwhile, sunflower oil exports from the Black Sea are declining after a season of large shipments, while rapeseed and canola prices rose slightly due to projected global production decline in 2023/24. Additionally, global biodiesel production is forecasted to increase by 4 million tons in 2023, with the US expected to reach a record 12.5 Mt in biodiesel and HVO production this year.

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

Original content

Oil World (Germany) reports that soybean oil prices quickly recovered from a fall caused by the release of EPA biofuels numbers that came in below expectations. However, the significant growth in biodiesel/HVO production in the US caught the attention of traders. Black Sea sunflower oil exports are declining after large shipments of seeds and oil earlier this season. Total sunflower oil imports to China, India and Turkey soared to a record 3.7Mt in October/May 2022/23, up 1.1Mt from a year earlier. Prices for rapeseed and canola rose slightly despite ample supplies and larger-than-expected crops in Canada. This is due to the projected decline in global rapeseed production in 2023/24. World biodiesel production to increase by 4 million tons in 2023 - forecast The huge growth in US biodiesel/HVO production expected in January/December 2023 will likely not affect the latest EPA data much. Oil World (Germany) has raised its estimate for combined US biodiesel and HVO production to a ...

Source: Oilworld