W17 Soybean Oil Update: Soybean Oil Futures Fell in CHX, India’s Soybean Oil Imports Declined, Rising Soybean Prices in Ukraine

Published 2024년 4월 30일

In W17 in the soybean oil landscape, May-24 soybean futures at CHX fell 3.6% WoW due to advanced harvest in Argentina and lower soybean prices. Moreover, India’s soybean oil imports in the first five months of MY 2023/24 decreased by 39.6% YoY. In addition, soybean prices in Ukraine have increased due to the delayed deliveries from South America caused by heavy rains in Mar-24 and Apr-24. Lastly, Ukraine’s soybean production in 2024 is anticipated to reach 5.2 mmt, a YoY increase of 10.64%.

May-24 Soybean Oil Futures Fell in Chicago Stock Exchange

May-24 soybean oil futures at the Chicago Stock Exchange (CHX) fell 3.6% week-over-week (WoW) to USD 978 per metric ton (mt) in W16 due to the advancement of soybean harvesting in Argentina and lower soybean prices. This decline also led to a broader downward trend in vegetable oil prices.

Soybean Oil Imports in India Decreased by 39.6% YoY

Additionally, according to the India Vegetable Oil Producers Association (IVPA), in the first five months of the marketing year (MY) 2023/24, India’s soybean oil imports decreased by 39.6% year-over-year (YoY) to 882.94 thousand mt.

Rising Soybean Prices in Ukraine Due to Delayed Deliveries from South America

Soybean prices in Ukraine are rising due to delayed deliveries from South America. The delay is caused by heavy rains in Mar-24 and Apr-24, which have affected the harvesting process in major soybean-producing countries such as Brazil and Argentina. As a result, there has been a decrease in the supply of oilseed to the global market, leading to an increase in prices in Ukraine.

Ukraine's Soybean Production Expected to Reach 5.2 mmt in 2024

According to the Ministry of Agriculture of Ukraine, Ukraine's soybean production in 2024 is expected to reach 5.2 million metric tons (mmt), an increase of 10.64% YoY compared to 4.7 mmt in 2023.