Global vegetable oil prices moved lower, pressured by weaker crude oil prices and the absence of a concrete US-China agreement on reducing import tariffs on US soybeans. The tariff impasse has weighed on soybean oil demand expectations, contributing to downward pressure on prices across the broader vegetable oil complex.
Soybean oil futures declined as seasonally rising supply and weaker crude oil prices weighed on vegetable oil markets. The start of the US soybean harvest added further downward pressure, while record global oilseed production for 2026/27 limited buying interest. Chinese soybean oil futures also moved lower amid the broader softness.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Refined Soybean Oil | China | FOB | USD 1,348.11/MT | August 2026 |
| Refined Soybean Oil | Saudi Arabia | CIF | USD 1,540.96/MT | August 2026 |
| Refined Soybean Oil | Russia | CIF | USD 1,486.72/MT | August 2026 |
| Refined Soybean Oil | USA | CIF | USD 1,460.60/MT | August 2026 |
| Refined Soybean Oil | Canada | FOB | USD 1,550.56/MT | August 2026 |
| Refined Soybean Oil | China | FOB | USD 1,338.74/MT | July 2026 |
| Refined Soybean Oil | Saudi Arabia | CIF | USD 1,530.25/MT | July 2026 |
| Refined Soybean Oil | Russia | CIF | USD 1,476.38/MT | July 2026 |
| Refined Soybean Oil | USA | CIF | USD 1,450.44/MT | July 2026 |
| Refined Soybean Oil | Canada | FOB | USD 1,539.79/MT | July 2026 |
Stay updated with the latest Refined Soybean Oil prices, historical data, and tailored regional analysis
In the United States, Refined Soybean Oil averaged around USD 1,450.44/MT (CIF) during the first month of Q3'2026, while in Canada, prices averaged about USD 1,539.79/MT (FOB). The market strengthened early in the quarter as biodiesel and renewable diesel demand supported soybean oil consumption, with US soybean oil reaching a multi-year high in early August. However, prices later moved sideways as global soybean oil production, consumption, and trade increased, while expanding US soybean crushing improved domestic availability. Stronger biofuel mandates continued to support demand, but imported feedstocks and finished biodiesel captured part of the additional requirement, limiting the upside for domestically produced soybean oil. Higher US processing capacity also improved supply flexibility, while strong diesel production supported biofuel economics. At the same time, a narrowing soybean oil–heating oil spread reflected changing relative economics between soybean oil and fuel markets. Food processing and cooking applications continued to provide a stable demand base alongside biofuel consumption.
Analyst Insight
According to Procurement Resource, Refined Soybean Oil prices are likely to remain rangebound, with biofuel demand supporting the market while ample soybean supplies and rising crushing capacity limit gains.
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Refined soybean oil prices in China increased to ~USD 1,309.82/MT in April and ~USD 1,331.00/MT in June, showing a ~1.6% increase. In Russia, prices increased to ~USD 1,437.42/MT in April and ~USD 1,468.00/MT in June, showing a ~2.1% increase. Asian markets received early support from tighter soybean oil availability and lower inventories, which strengthened seller positions. However, conditions weakened later as soybean crushing increased and inventories rebuilt. The broader vegetable-oil supply outlook also limited gains, with Argentina’s 2025/26 sunflower seed production forecast at 7.0 million metric tons and sunflower oil exports projected at 1.8 million metric tons, according to the USDA Oilseeds report released in April. Increased competing oil availability reduced dependence on soybean oil and pressured price momentum. Global oilseed supply expectations also became more comfortable, with 2026/27 global oilseed production forecast at 718 million metric tons, according to the USDA Oilseeds report released in May. Overall, the refined soybean oil prices witnessed minimal fluctuations in the second quarter of 2026.
With a high content of polyunsaturated fatty acids, Refined Soybean Oil is a natural refined vegetable oil. 7% linolenic acid, 51% linoleic acid and 23% oleic acid are the major unsaturated fatty acids in Refined Soybean Oil. It has a minimal colour level and is an odourless vegetable oil.
Refined Soy OilRefined Soya Oil
Food and Beverages
Cargill, Incorporated, Wilmar International, MWC Oil, CHS Inc, Archer Daniels and Midland Company
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
In order to produce Refined Soybean Oil, the soybeans have to be cracked and adjusted for moisture content. The content is heated between 60 and 88°C, rolled into flakes and solvent is extracted with hexanes. The oil is refined afterwards, clarified by filtration, and blended for different applications, sometimes is even hydrogenated.
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