Prices for soybean oil in Chicago rose sharply after Trump’s statement, which may support the quotes of other vegetable oils and sunseed

Yesterday, on his Truth page, D. Trump announced that he would impose an additional 10% duty on goods from China and a 25% duty on goods from Canada and Mexico, which worried markets about possible supply restrictions. The news sent the Canadian dollar to a 4-year low, the peso to its lowest level since 2022, and soybean oil prices rose 3%.

The increase in duties on Canadian goods will reduce the supply of rapeseed oil, which is used in the US for biodiesel production. Against this background, the December futures for soybean oil on the Chicago stock exchange after falling last week by 8.5% to 910 $/t (-3% for the month) yesterday rose 3% to 934 $/t, but after the close of trading.

December futures for palm oil on the Bursa exchange in Malaysia yesterday rose 1.2% to 4699 ringgit/t or 1056 $/t (-4.3% for the week) amid speculative purchases caused by forecasts of production cuts in the country.

According to the surveyor AMSPEC, due to the sharp rise in prices for palm oil, Malaysia reduced exports of palm oil products in the period 1-25 November by 8.2% to 1.16 million tons (compared to the same period in October).

According to Trading Economics, the average price of sunflower oil for delivery to buyers fell by $8/t to $1315/t over the week.

In Ukraine, export demand prices for sunflower oil for delivery to the Black Sea ports fell by 10-20 $/t over the week to 1120-1135 $/t, but the volume of offers remains low, as farmers do not sell sunflower, expecting further price increases.

the Purchase price of sunflower with an oil content of 50% for the week fell by 1000-1200 UAH/t to 25500-26000 UAH/t with delivery to the plant, which almost stopped sales, although some processors have sufficient stocks for the coming months. the Decline in prices for sunflower meal also increases the pressure on sunflower prices.

Tags: soybean oil, prices