The prices for vegetable oils have fallen significantly on the world market in the past week

According to the results of last week (June 24 - July 1), soybean oil prices on the stock exchange have fallen significantly, with high volatility of product prices being observed.

Notably, following the results of trading on July 1, oil futures fell $93,7 to $1448 a ton while product prices lost $89,7 a ton for the week.

This significant drop in prices was due to a drop in prices in the global oil market as well as a significant drop in palm oil prices on the Kuala Lumpur Stock Exchange due to forecasts for next season's oil production and high palm oil reserves in Indonesia. Thus, according to the trading results, prices of palm oil on July 1st amounted to 4708 ringgit/ton (-202 ringgit/ton per day).

At the same time, price support was helped by the fact that domestic demand for soybean oil in the USA, especially on the part of Biofuel industry, remains relatively high. So could oil consumption in the USBiodiesel production will increase to 2022 million tons in 4,62 from 4,2 million tons in 2021. A similar situation is also observed in Argentina, which Biodiesel production will increase to 2022 (2,2) million tons in 1,7.

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