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.
More detailed information on the latest trends in oilseeds/vegoils and meals exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for Online Analytics “Black Sea Vegoils” in the new innovative tool for agri market participants – AgriSupp by UkrAgroConsult. Subscribe to a 7-day free trial!
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