Global: Vegetable oil prices remain under pressure from increased supply of soybean oil

Vegetable oil prices have rebounded after falling last week, although they remain under pressure from a seasonal build-up in soybean and palm oil supplies, as well as a drop in oil prices. Despite oil prices down 3.2% for the week, soybean oil in Chicago and palm oil in Malaysia rose between 2.2% and 3.2%, recovering from losses late last week. July soybean oil futures in Chicago rose 3.2% to $980/t this week (-9% for the month) on news of a loss of 1-2 million tons of soybeans in Brazil. June palm oil futures in Malaysia rose 2.2% to 3,930 ringgit/t or $830/t from Monday on forecasts of bad weather in Indonesia. The Indonesian Meteorological Agency has warned that thunderstorms and tornadoes may pass through the country from May 7 to 13, which may lead to landslides and floods. From May to August, a dry season will be established on 64% of the country's territory, which will negatively affect the yield of palm trees. On the exchange in Dalian, the most active contract for soybean ...