# Global vegetable oil prices seen rising for the rest of 2023 on supply uncertainty: Oilworld's Mielke

> Oilworld analyst Thomas Mielke said global vegetable oil prices are expected to rise through the rest of 2023 due to tighter supplies and biofuel mandates. He cut the Argentine soybean crop forecast to 25 million mt from 28 million mt due to dryness, and noted 2-3 million mt of soybean losses in Brazil. He forecast Argentine soyoil averaging $1,320/mt over July-December.

- Date: 2023-03-08 · published 2023-03-08T12:00:00.000Z
- Category: weather · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/36959-global-vegetable-oil-prices-seen-rising-for-the-rest-of-2023-on-supply
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A smaller South American soybean crop tightens meal and oil supply, supporting soybean meal and oil prices and raising feed costs for buyers. Higher vegetable oil prices also tend to lift competing edible and feed fats.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2022-02-17 | [Why is the price of vegetable oil surging? - Marketplace](https://feedsoft.ai/events/8759-why-is-the-price-of-vegetable-oil-surging-marketplace.md) | +6.8% | +4.4% |
| SBO | 2026-08-01 | [El Niño 2026: Converging Pressures on Vegetable Oil Markets - Center for Commercial Agriculture](https://feedsoft.ai/events/18245-el-nino-2026-converging-pressures-on-vegetable-oil-markets-center-for.md) | +3.6% | +2.3% |
| SBO | 2024-09-06 | [Rising sunflower oil and meal prices support sunseed prices in Ukraine](https://feedsoft.ai/events/28427-rising-sunflower-oil-and-meal-prices-support-sunseed-prices-in-ukraine.md) | -2.7% | +1.0% |
| SBO | 2024-09-09 | [Rising sunflower oil and meal prices support sunseed prices in Ukraine](https://feedsoft.ai/events/28425-rising-sunflower-oil-and-meal-prices-support-sunseed-prices-in-ukraine.md) | -1.3% | +2.0% |
| SBO | 2025-04-10 | [Vegetable oil prices rise amid tariff chaos and climate pressures](https://feedsoft.ai/events/25207-vegetable-oil-prices-rise-amid-tariff-chaos-and-climate-pressures.md) | +2.1% | +4.3% |
| SOY | 2022-02-17 | [Why is the price of vegetable oil surging? - Marketplace](https://feedsoft.ai/events/8759-why-is-the-price-of-vegetable-oil-surging-marketplace.md) | +4.7% | +5.1% |
| SOY | 2021-04-26 | [Wheat price rises to highest in eight years on supply concerns \| Seeking Alpha](https://feedsoft.ai/events/47637-wheat-price-rises-to-highest-in-eight-years-on-supply-concerns-seeking-alpha.md) | +2.0% | -0.9% |
| SOY | 2021-04-21 | [US soybean futures riding high on weather concerns, tight Brazilian supplies \| S&P Global](https://feedsoft.ai/events/11176-us-soybean-futures-riding-high-on-weather-concerns-tight-brazilian-supplies-s.md) | +5.3% | +6.9% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/030823-global-vegetable-oil-prices-seen-rising-for-the-rest-of-2023-on-supply-uncertainty-oilworlds-mielke

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.