World statistical data

EU rapeseed oil and vegetable oil prices (€/tonne)

Global soyabean supply and demand (million tonnes)

Castor seed and oil prices (Indian rupees/tonne)

Prices of selected oils (US$/tonne)

Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Soyabean 1,053.2 1,075.1 1,222.0 1,369.2 1,427.1 1,352.6 Crude palm 915.9 974.0 1,045.5 1,000.1 1,128.9 1,021.8 Palm olein 875.1 911.6 985.5 921.6 1,046.6 943.8 Coconut 1,458.2 1,435.0 1,528.0 1,554.0 1,633.9 1,580.5 Rapeseed 1,092.5 1,131.6 1,218.2 1,339.1 1,386.6 1,302.0 Sunflower 1,298.5 1,385.9 1,637.6 1,589.4 1,595.0 1,314.5 Palm kernel 1,345.2 1,335.7 1,434.2 1,430.4 1,464.1 1,355.0 Average 1,148.0 1,178.0 1,296.0 1,315.0 1,383.0 1,267.0 Index 272.0 279.0 307.0 312.0 328.0 300.0

STATISTICAL NEWS

Rapeseed oil prices

The Mintec benchmark price for EU rapeseed oil rose 11.9% month-on-month to €1,165/tonne on 14 July while the EU rapeseed price rose 8.4% month-on-month to €535/MT.

This was a significant recovery from earlier price volatility (due to continued uncertainty over COVID resurgence) shaking confidence in the rapeseed market. Rapeseed oil prices were down to €1,015/tonne on 21 June, the lowest level since the first week of March.

Rapeseed production is expected to grow year-on-year in the 2021/22 marketing year, which commences in July for the EU and August for Canada.

The main drivers for rapeseed demand continue to be COVID recovery-related, in line with vaccine rollouts. China’s demand for rapeseed meal to fuel its hog herd recovery will also support prices.

Global soyabean supply and demand

The Mintec benchmark price for EU soyabean oil (Netherlands) climbed 1.7% m-o-m to €1,190/tonne on 14 July, while prices for US soyabeans fell 2.48% to US$496/tonne over the same period.

Prices have fallen since mid-May, following volatility in the wider vegetable oils sector after a rise in global coronavirus cases since second quarter 2021.

Prices had previously climbed after US president Joe Biden’s announcement aiming to halve US greenhouse emission by 2030. Many market participants had questioned the viability of this target due to vegetable oil prices surging over the past year. In June, the US Supreme Court also gave smaller refineries exemptions from biofuel blending requirements, in turn reducing demand for soyabeans and soyabean oil, key feedstocks for biodiesel production. The ruling has weighed on the market accordingly. Chinese demand for soyabean meal to feed its recovering hog herd will counteract some of the current demand weakness over the coming months.

On the supply side, a significantly larger crop volume is expected in the 2021/22 marketing year, with global production forecast to climb 6% y-o-y to 385M tonnes, which will limit the upside for soyabean and soyabean oil.

Castor seed and oil prices

The Indian castor seed spot price rose 2.84% m-o-m to INR54,250 (US$723)/ tonne on 14 July, while the Indian castor oil price climbed 2.76% to INR111,500 (US$1,486)/tonne over the same period. Prices were supported by strong export demand during second quarter 2021, which has exacerbated tighter supply (down 3% y-o-y) in the current marketing year. Prices are likely to remain flat to slightly higher over the next month.

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