Refined Soybean Oil Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Refined Soybean Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Refined Soybean Oil Price Trend for the Second Half of 2023

During the third and fourth quarters of 2023, the pricing of soybean oil in Asian and European markets displayed inconsistent movements. Initially, prices declined in Asia due to oversupply, but during the festive season and winter holidays, demand surged, driving refined soybean oil prices upwards. Additionally, factors contributing to this variation included increased procurement rates globally, driven by lower crop yields in exporting nations like Brazil.

Similarly, European markets experienced supply chain disruptions and higher prices due to limited exports from major producers, particularly South America, where decreased production yields led to reduced soybean oil exports. Additionally, the blockage and rerouting of the Red Sea route disrupted Asian imports.

However, in North America, after inclining through the third quarter of 2023, the refined soybean oil prices in October declined despite predictions of a bullish shift, prompting the traders to reduce their pricing quotations of refined soybean oil. Further, concerns over El Nino's impact on palm oil production in Malaysia and Indonesia, disappointing usage in the renewable diesel sector, and Brazil's reduction in biodiesel mandates further contributed to downward pressure on soybean oil prices.

Analyst Insight

According to Procurement Resource, the price of Refined Soybean Oil is estimated to dwindle in the upcoming quarters as the reduced production rates and fluctuating demand are projecting a dim outlook for refined soybean oil prices.

Refined Soybean Oil Price Trend for the First Half of 2023

Refined Soybean Oil is extra filtered Soybean Oil with no color and high polyunsaturated fatty acids. It is primarily used as cooking and baking oil. The market trend are dependent on the feedstock soybean and the market demands from consuming sectors.

The global Refined Soybean Oil markets mostly faced oversupply throughout the discussed time period despite being a high-demand product. Having a long shelf life affected the market as, because of easy storage, the inventories remained high, and newer batches kept coming in. So generally, the market experience was dull, but there was some upward swing in the latter half of H1’23. Overall, the Refined Soybean Oil market remained drifting.

Analyst Insight

According to Procurement Resource, the Refined Soybean Oil market projects moderate exchanges, but any good overturns are not expected.

Procurement Resource provides latest prices of Refined Soybean Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.