tradologie email id info@tradologie.com tradologie email id +91 85959 57412

Increased Supply Of Soybean Oil Continues To Exert Pressure on Vegetable Oil Prices


Published Date: May 23, 2024
156

Vegetable oil prices have recovered from a recent drop, but they continue to be pressured by the seasonal increase in soybean and palm oil supply, as well as falling oil prices.

Tradologie.com is a user-friendly SaaS based global trade hub and your streamlined solution for B2B vegetable oil procurement and sales. Connect with global bulk vegetable oil buyers or bulk vegetable oil sellers, bypass middlemen for higher profits, and secure the best bulk prices effortlessly. Simplify your vegetable oil sales or procurement with Tradologie.com.

Edible Oil Pricing & Production

The price of soybean oil in Chicago and palm oil in Malaysia increased by 2.2–3.2% during the course of the week, offsetting the 3.2% decrease in oil prices over the week. The July soybean oil futures in Chicago rose 3.2% this week to 980 $/t (-9% for the month) on news of a 1-2 million ton soybean loss in Brazil. On Monday, Malaysian palm oil futures rose 2.2% to 3930 ringgit/t, or $830/t, on forecasts of adverse weather in Indonesia.

The Indonesian Meteorological Agency has issued a warning that thunderstorms and tornadoes may strike the country between May 7 and May 13, causing landslides and flooding. From May to August, 64% of the country will experience a dry season, reducing palm tree yields. On the Dalian stock exchange, the most active contract for soybean oil rose 1.51% yesterday, while palm oil rose 2.22%. 

India, the world's largest buyer of vegetable oils, increased its imports of edible oils by 13% to 1.3 million tons in April compared to March, with palm oil up 41% to a three-month high of 682 thousand tons and soybean oil up 79% to a ten-month high of 391 thousand tons, while sunflower oil imports fell by 48% to 233 thousand tons. Purchases have increased due to lower crude palm oil (CPO) prices for the month by 50 $/t to 920 $/t CIF (for delivery to India in June), while soybean offers 920 $/t and sunflower offers 945 $/t.

Trading Economics reports that throughout the course of the week, the average price of sunflower oil for delivery to buyers decreased by 0.7% to $851 $/t. In Ukraine, this price decreased by 5–10 $/t to $780–790 $/t with delivery to Black Sea ports.

India and China's demand for Russian sunflower oil decreased slightly as a result of the 5–10 $/t increase in export prices to 815-825 $/t FOB Black sea ports. The exporters' willingness to sell oil at this price is confirmed by the indicative price of 766.7 $/t for sunflower oil in Russia, which is used to determine the export duty (which is 0% rate this season).

If you are a vegetable oil importer wishing to import vegetable oil in bulk or a vegetable oil exporter willing to export bulk vegetable oil, then Tradologie.com is the right platform for you.
 

Tradologie.com facilitates bulk agro-commodity sales and procurement across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates.

The transaction oriented platform has 700,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries.

To register as a buyer, click here. To register as a seller, click here

To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.

Image

Connect with Us


I am* Seller Buyer
Select Country
Mobile Number
Add Comment



Most Relevant

BE THE FIRST ONE TO COMMENT

Download Buyer App
Available on Android and Ios

Download Seller App
Available on Android and Ios