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Cash prices for South American FOB soybean oil cargoes are hovering near two-year lows as overseas demand remains weak. Platts assessed Argentine and Brazilian July-dated soybean oil at $881.85/mt on May 24, down more than $1,000/mt from April 2022 highs.
Cheaper Black Sea sunflower oil and a discount to palm oil are limiting buying interest.
Competing vegetable oils trading at a discount are capping demand for South American soybean oil, keeping prices under pressure. Weaker oil values also weigh on crush margins and the soybean meal co-product outlook for feed buyers.
hellenicshippingnews.comhellenicshippingnews...May 29, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
