In W23 in the soybean oil landscape, on Tuesday, June 6, July soybean oil futures on the Chicago Stock Exchange rose 3.2% to USD 1,120/mt, representing a 10% WoW increase due to forecasts of increased demand for biodiesel in the US. On June 8, soybean oil prices decreased 0.4% on the Dalian Stock Exchange while rising 0.1% on the Chicago Exchange. In May, India continued to cut palm oil imports and increase purchases of sunflower and soybean oil amid lower prices. Soybean oil futures on the Chicago Board of Trade continued to increase throughout the week, ending W23 at 54.59 cents/lb. India imports soybean oil and sunflower oil mainly from Argentina, Brazil, Russia, and Ukraine. The import of soybean oil grew by 10% in May to 290 thousand mt. Additionally, the base import price for crude soybean oil was reduced by the Indian government from USD 983/mt to USD 976/mt. This season (September 2022-August 2023), Russia exported over 5.9 million mt of vegetable oil, which is 28.3% more than the 4.6 million mt in the previous season. Soybean oil exports have increased by 2% since the beginning of September, to 428 thousand mt.
