W18: Soybean Oil Update

Published May 11, 2023
W18: Soybean Oil Update

In W18 in the soybean oil landscape, the week ending April 25 on Chicago Board of Trade (CBOT) July contracts for soybean oil, fell by roughly 6%. However, on May 5, soybean oil futures increased by more than 3% on the CBOT, with this development attributable to the support that grain prices received in the final session of W18. India decreased its imports of palm oil and boosted its imports of soybean and sunflower oil in response to the equalization in prices of major oils. As a result, the import of palm oil fell by 30% to a 14-month low of 508K MT in April compared to March, while the import of soybean oil rose by 2.3% MoM to 258.9K MT. Lastly, in Bangladesh, the government-provided VAT exemption period for the import of edible oil ended on April 30. As a result, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association increased the price of bottled soybean oil by USD 0.11/liter to USD 1.84/liter on Thursday, May 4.

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