For the Quarter Ending December 2022
North America
Soybean oil prices fluctuated in North America during the fourth quarter of 2022, backed by opposing market emotions and unstable market dynamics. Due to the war's tardy resolution and the signing of some agreements between Russia and Ukraine, prices fell in the first half of Q4, which lowered the price of edible oil. The price stayed low because of a consistent supply and strong demand. Due to the worldwide fall in edible oil prices, all oils are now cheaper on the local US market. Prices decreased throughout the duration of the second half of the second month of Q4 of 2022 due to insufficient supplies on the domestic market. The third month of the quarter saw a price fall because the overall level of demand was low, and plenty of products were available to meet customer needs. The price of soybean oil for the USA in December 2022 was reported to be USD 1452.831/MT toward the conclusion of Q4 2022.
Asia-Pacific region
In Q4 2022, Soybean Oil prices varied in the Asia-Pacific area. Due to high global prices and low crush margins, importers lowered their purchases at the beginning of the quarter, especially in the first month. In October, China's soybean import fell 5% from a year earlier to 4 MT, marking their lowest level. Due to increased demand from domestic consumers and traders, prices suffered during the second month of the quarter as they continued to rise. However, product prices returned to their normal range in the market during the quarter's final month. The cost of Soybean Oil was estimated to be USD 1480/MT at the end of Q4 for FOB Shanghai (China) in December 2022.
Europe
Soybean Oil prices in the European region fluctuated in Q4 2022, helped by exporters who were primarily carrying out contracts that were already in place. The number of new contracts decreased in light of the persistent overstuffing of inland logistics. Additionally, during the early half of the fourth quarter, the product's pricing dropped due to inadequate transportation and a rapid rise in fuel prices. Prices increased in the second half of Q4 as a result of rising downstream demand and a shortage of inventory on the domestic market. The product's price in the domestic market has increased because of worries about a restricted supply. The price of Soybean Oil was estimated to be USD 1650/MT for CFR Hamburg (Germany) in December, around the conclusion of Q4 2022.
For the Quarter Ending September 2022
North America
In North America, during the third quarter of 2022, soy oil prices varied, supported by conflicting market emotions and erratic market dynamics. Prices increased in the early half of Q3 because of the war between Russia and Ukraine, driving up the cost of edible oil. Due to low supply and considerable demand, the price remained high. The price of all oils on the local US market has increased because of the global rise in the price of edible oil. Due to adequate supplies in the domestic market, prices fell throughout the second part of Q3 of 2022. The overall demand was low, and the ample presence of products to satisfy the customer needs further supported the decrease in price in the second half of the quarter. Towards the end of Q3 2022, the price of Soybean Oil was recorded to be USD 1490/MT for the USA in September 2022.
Asia-Pacific region
In the Asia Pacific region, Prices for soybean oil fluctuated in Q3 2022, helped by exporters who were primarily carrying out contracts that were already in place. The number of new contracts decreased because of the ongoing overstuffing of inland logistics. The product's pricing also dropped during the first half of the third quarter due to inadequate transportation and a steep rise in fuel prices. Prices increased in the second part of Q3, backed by rising downstream demand and a shortage of inventory on the domestic market. A rise in the product's price in the area has been encouraged by worries over a restricted supply. Towards the end of Q3 2022, the price of Soybean Oil was recorded to be USD 1607/MT for Ex-Mumbai India in September 2022.
Europe
In the European region, Soybean oil prices fluctuated in Q3 2022, supported by exporters mostly working under agreements already in place. Considering the continued overburden in land logistics, the number of new contracts fell. Additionally, insufficient transportation and a sharp increase in fuel prices resulted in a decrease in the product's pricing during the first part of the third quarter. Due to increasing demand from the downstream sectors and low stocks on the domestic market in the second half of Q3, prices surged. Concerns over a limited supply have helped to encourage an increase in the product's price in the area. Towards the end of Q3 2022, the price of Soybean Oil was recorded to be USD 1420/MT for Ex-works Kyivin September 2022.
For the Quarter Ending June 2022
North America
In North America, the prices of Soyabean Oil were increased during the Q2 of 2022, backed by the strong demand from the domestic market. In the first half of Q2, the prices were hiked due to the Russia-Ukraine war leading to inflation in the edible oil price. The price remained high in the second half of Q2 due to low inventories and high demand. The global surge in the price of edible oil has pushed up the prices of overall oils in the domestic market of the USA. It was also observed that the USA is historically a net exporter of Soybean oil. But with renewable diesel plants operational or under construction, many cultivating lands are getting used, so in the next couple of years, there won't be enough domestically grown soy to meet demand. Towards the end of the quarter, Soybean oil prices were observed to be USD 1940/MT on FOB basis during June 2022.
Asia-Pacific region
In the Asia Pacific region, the price of Soybean oil fluctuated during the Q2 of 2022, backed by the mixed market sentiments in the domestic market. In the first half of Q2, Soyabean Oil price increased owing to the ease of lockdown restrictions across many provinces in China. The demand for Soybean Oil increased due to the extreme demand for protein from oils, and Soyabean oil provides protein in high content, whereas Soybean Oil inventories were high, and the number of imported Soybeans increased. In the second half of Q2, the price decreased in the Indian domestic market due to high inventories and low offtakes from the domestic market. However, at the end of Q2, the price increased in the Indian domestic market. Towards the end of the quarter, Soybean oil prices were observed to be USD 1840/MT Ex-Qingdao in China during June 2022.
Europe
In the European region, the price of Soybean oil fluctuated during Q2 2022, backed by the exporters mainly dealing with previously signed contracts. The number of new contracts decreased as land logistics remained overloaded. In addition, lack of transport and significant growth in fuel prices also reduced the product's price in the first half of the Q2. In the second half of Q2, the prices increased due to high demand from the downstream industries and low inventories in the domestic market. Towards the end of the quarter, soybean oil prices were observed to be USD 1380/MT Ex-w Kyiv (Ukraine)June 2022.
For the Quarter Ending March 2022
North America
In North America, the prices of soybean fluctuated in the first half of the Q1 2022 followed by sharp surge in the market prices late January onwards. Due to excess heat and dryness in the late December and early January the harvest was poor following crop rescues from recent rains. During the onset of second half, the prices went up due to Russia Ukraine invasion leading to port congestion and suspended transportation. Adding to this, Indonesian government sanction ban on the export of palm oil increased pressure on the alternative oil manufactures with increasing demand. Increase in prices affected the soybean oil market in North American market as it is a major exporter to USA. Towards the end of the quarter, the prices of soybean oil were observed to be USD 1489/ton.
Asia-Pacific region
In the Asia Pacific region, the soybean oil prices fluctuated drastically in Q1 2022. In the first half of Q1, soybean oil prices were on the lower side due to sufficient supply in the domestic market. In major exporting countries of soybean oil, the productivity of the feedstock soybean was surplus in the previous quarter, contributing to a fall in its prices globally and typically export volumes positively as the USA is the major exporter of soybean oil to India. Also, the prices of the downstream biodiesel market were running low. At the onset of the second half, the prices of the feedstock soybean increased due to prolonged heat stress and below-average rainfall. The Russian Ukraine war aggravated higher prices by disrupting the trade routes and hiking up freight charges amid the climate crisis. Towards the end of the quarter, the prices of soybean oil were observed to be USD 1751/ton Ex-Qingdao in China.
Europe
In the European region, the soybean oil prices increased gradually in January. During the outset of Q1 2022, the prices fluctuated due to poor harvest owing to severe dryness and high temperature, but recent rains rescued the feedstock soybean crop from draught damage. Over the top, the Russian Ukraine invasion surged the prices globally due to increased freight charges, suspended transportation, and route disruption. Later in the month of March, the Indonesian government-imposed ban on the export of palm oil, sending big importers like India to scramble for alternatives like Soybean oil, which setting down pressure on the soybean oil manufacturers leading to price hike. Towards the end of the quarter, the prices of soybean oil were observed to be USD 1489/ton in Ukraine.
