# COVID in China and the war in Ukraine remain the main factors influencing the oil markets 14.06.2022 - UkrAgroConsult

> USDA's June oilseed balance raised 2021/22 world oilseed production by 2.17 million tonnes to 599.04 million, mainly on larger Brazilian and Argentine soybean crops. China cut vegetable oil imports due to COVID lockdowns and high prices, with palm imports forecast down 500,000 tonnes to 4.5 million. Russia's invasion of Ukraine also disrupted oilseed logistics.

- Date: 2022-06-14 · published 2022-06-14T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7218-covid-in-china-and-the-war-in-ukraine-remain-the-main-factors-influencing-the
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Lower Chinese vegetable oil imports reduce global demand for palm, soy and rapeseed oil, while larger South American soybean supplies add meal and oil availability, pressuring oilseed prices.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-06-22 | [Accelerating harvesting in the United States and raising harvest forecasts for Russia are lowering wheat prices 22.06.2022 - UkrAgroConsult](https://feedsoft.ai/events/12702-accelerating-harvesting-in-the-united-states-and-raising-harvest-forecasts-for.md) | -0.9% | -29.2% |
| PALMOIL | 2021-12-16 | [Sunflower prices in Ukraine accelerated their decline under pressure from lower prices for vegetable oils 16.12.2021 - UkrAgroConsult](https://feedsoft.ai/events/43707-sunflower-prices-in-ukraine-accelerated-their-decline-under-pressure-from-lower.md) | +2.2% | +13.0% |
| PALMOIL | 2021-12-28 | [Malaysia’s 2021 biodiesel output, exports to fall: USDA 28.12.2021 - UkrAgroConsult](https://feedsoft.ai/events/15858-malaysia-s-2021-biodiesel-output-exports-to-fall-usda-28-12-2021-ukragroconsult.md) | +4.3% | +11.8% |
| PALMOIL | 2022-08-20 | [Oilseeds: World Markets and Trade \|         Global Oil & Fats Business Online – gofbonline.com](https://feedsoft.ai/events/39999-oilseeds-world-markets-and-trade-global-oil-and-fats-business-online-gofbonline.md) | +0.9% | -9.4% |
| PALMOIL | 2025-06-01 | [Palm Oil Magazine - Sharp Drop in CPO Reference Price for June 2025, Export Duty and Levy Set at US$138 per Ton - Palm Oil Magazine](https://feedsoft.ai/events/15555-palm-oil-magazine-sharp-drop-in-cpo-reference-price-for-june-2025-export-duty.md) | +2.3% | +3.8% |
| SOY | 2022-07-15 | [Despite a slight decrease in the oil production forecast, stock market quotations fell sharply 15.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/5594-despite-a-slight-decrease-in-the-oil-production-forecast-stock-market.md) | -11.9% | +6.2% |
| SOY | 2022-07-12 | [Grain markets hit hard after slightly bearish USDA report. Tuesday, July 12, 2022 13.07.2022 - UkrAgroConsult](https://feedsoft.ai/events/40432-grain-markets-hit-hard-after-slightly-bearish-usda-report-tuesday-july-12-2022.md) | -8.8% | -1.3% |
| SOY | 2022-03-09 | [Soybeans close lower. Wednesday, March 9, 2022 10.03.2022 - UkrAgroConsult](https://feedsoft.ai/events/42239-soybeans-close-lower-wednesday-march-9-2022-10-03-2022-ukragroconsult.md) | -2.7% | -4.3% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/covid-in-china-and-the-war-in-ukraine-remain-the-main-factors-influencing-the-oil-markets/

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