North America
In North America, the prices of Soybean Oil followed a similar downward trend as in Europe during Q2 2023. This was due to high soybean oil inventories in the region, ample supply from European buyers, and Russia’s interruption of the black sea grain trade, which reduced exports from Ukraine, one of the main producers. Additionally, the decline in crude oil prices and lower Russian edible oil and grains offers had a negative impact on corn, soybean, and wheat prices. Rising interest rates and higher energy prices also negatively affected import activities. The lack of significant changes in refinery inventories further impacted the North American soybean oil market sentiment, keeping prices on a downward trajectory.
Asia Pacific
In the APAC region, Soybean Oil prices showed an upward trend in China while continuously dropping in India. Stricter customs inspections and demand disruption led to stable price drops in China, while the lack of demand for domestic beans from the crushing industry contributed to dropping prices in India. Higher soybean production in exporting nations increased supply and stockpiles, putting further downward pressure on prices. However, at the end of June, the prices for Soybean Oil improved in the Chinese market as demand from the downstream sector slightly increased.
Get Real Time Prices of Soybean Oil: https://www.chemanalyst.com/Pricing-data/soybean-oil-1318
Europe
The Soybean Oil market in Europe ended the second quarter of 2023 with steady price decreases. Ukraine’s large export of vegetable oil at lower prices than normal contributed to the downward trend. The prolongation of the black sea grain initiative did not alleviate the decline in prices, and the European market remained loaded with stocks purchased ahead of the deal renewal. High global exportable supplies continued to drive down prices in June. In Germany, soybean oil prices decreased by over 2 percent. According to the Food Price Index of the Food and Agriculture Organization, inflation in June was 122.3%.
South America
Soybean Oil prices in South America, particularly in Argentina, initially declined until May due to a severe drought that affected the country’s agricultural production and exports. However, prices slightly increased in June as the country entered the harvesting season and experienced an increase in input prices such as fertilizer and pesticides. Higher inquiries from the United States, China, and other importing nations also contributed to the price increase. Soybean Oil prices in June ended at USD 973/MT FOB Buenos Aires.
About Us:
ChemAnalyst is an online platform offering a comprehensive range of market analysis and pricing services, as well as up-to-date news and deals from the chemical and petrochemical industry, globally.
Being awarded ‘The Product Innovator of the Year, 2023’, ChemAnalyst is an indispensable tool for navigating the risks of today’s ever-changing chemicals market.
The platform helps companies strategize and formulate their chemical procurement by tracking real time prices of more than 400 chemicals in more than 25 countries.
ChemAnalyst also provides market analysis for more than 1000 chemical commodities covering multifaceted parameters including Production, Demand, Supply, Plant Operating Rate, Imports, Exports, and much more. The users will not only be able to analyse historical data but will also get to inspect detailed forecasts for upto 10 years. With access to local field teams, the company provides high-quality, reliable market analysis data for more than 40 countries.
Contact Us:
ChemAnalyst
GmbH – S-01, 2.floor, Subbelrather Straße,
15a Cologne, 50823, Germany
Call: +49-221-6505-8833
Email: sales@chemanalyst.com
Website: https://www.chemanalyst.com