Global vegetable oil prices remain under pressure from increased supply of soybean oil

Over the past week, vegetable oil prices recovered from a fall, although they remain under pressure from the seasonal increase in soybean and palm oil supply, as well as falling oil prices. Despite the 3.2% decline in oil prices over the week, soybean oil prices in Chicago and palm oil prices in Malaysia rose by 2.2-3.2%, recovering from the drop at the end of last week. the July futures for soybean oil in Chicago this week rose 3.2% to 980 $/t (-9% for the month) on the news of the loss of 1-2 million tons of soybeans in Brazil. the June futures for palm oil in Malaysia on Monday rose 2.2% to 3930 ringgit/t or 830 $/t on forecasts of adverse weather in Indonesia. Meteorological Agency of Indonesia has warned that from 7 to 13 may in the country may be thunderstorms and tornadoes, which can lead to landslides and floods. From May to August, 64% of the country will experience a dry season, which will negatively affect the yield of palm trees. On the stock exchange in Dalian, the ...