Under pressure from lower soybean oil prices on the Chicago exchange and demand from buyers, spot prices in South America fell below $800/t or €743/t for the first time since September 2020, according to a report from S&P Global Platts. In Brazil, soybean oil for March delivery fell 8.4% year-on-year to $798.94/t or €742/t FOB Paranaguá on 2 February, the lowest level since 1 September 2020.
We recall that in April 2022, soybean oil prices reached $1,900/t or € 1764 /t due to the start of the active phase of the war in Ukraine and restrictions on palm oil exports from Indonesia. 1,000/tonne. Spot prices are under pressure due to a fall in quotations on the Chicago SWOT, where soybean oil futures traded at $986.1/tonne or €915 /tonne on 2 February (-7% month-on-month). It is worth noting that on 5 February, soybean oil futures rose by $13.3/t or € 12,35 /t to $999.4/t or €928,20/t.
Experts at Sunvin Group believe that the fall in soybean oil prices at the WTO is due to a drop in demand from the biofuels industry as a result of significantly lower prices for alternative feedstocks. In addition, the recovery of soybean harvests in South America, particularly in Argentina, the world’s largest exporter of soybean oil and meal, has also led to a sharp fall in world prices.
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