Vegetable oil prices showed growth
Vegetable oil prices showed growth. Between July 11 and 17, soybean oil prices on the Chicago Board rose by 2.73 cents to 56.22 USc/lb.
As for biofuels in the US, the July WASDE report increased the oil consumption estimate for biofuels by 11.5%, which affected prices. On July 1, Indonesia fully implemented the mandate to use B40 palm oil, which will remove an additional 1.2-1.7 M mt of palm oil from the global market and force consumers to switch to soybean and sunflower oils.
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