World statistical data

Soyabean oil (Mintec Benchmark Price) – €/tonne Mintec

Indian groundnut oil price – €/tonne Mintec

EU butter price (€/tonne) Mintec

Prices of selected oils (US$/tonne)

Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 Soyabean 1,387.7 1,383.1 1,421.8 1,537.3 1,922.7 1,868.3 Crude palm 1,327.1 1,265.0 1,320.1 1,497.0 1,669.6 1,578.6 Palm olein 1,234.7 1,147.4 1,223.3 1,422.3 1,605.4 1,445.6 Coconut 1,898.6 1,781.4 1,928.3 2,145.3 2,180.4 2,000.8 Rapeseed 1,696.8 1,729.9 1,773.7 1,666.0 2,057.6 2,120.9 Sunflower 1,412.4 1,385.5 1,390.8 1,517.0 2,351.0 2136.0 Palm kernel 1,941.0 1,743.8 2,017.5 2,262.5 2,320.0 1,977.3 Average 1,558.0 1,491.0 1,582.0 1,721.0 2015.0 1,875.0 Index 369.0 353.0 375.0 408.0 478.0 444.0

STATISTICAL NEWS

Soyabean oil market

The Mintec Benchmark Price (MBP) for EU soyabean oil increased by 4.3% month-on-month (m-o-m) and 60.2% year-on-year (y-o-y) to a record high of €1,810/tonne on 19 April. Global soyabean supply has been tight in the 2021/22 marketing year on the back of adverse weather conditions in top soyabean producing countries Brazil and Argentina, driving EU soyabean prices higher.

However, the EU soyabean price has been more recently supported by the price rally in the wider vegetable oil complex following Russia’s invasion of Ukraine on 24 February. Vegetable oil costs fluctuate as oils are often substituted for each other.

Thus, the limited supply of sunflower oil from top sunflower oil producers and exporters Russia and Ukraine has led several countries to turn to other edible oils, such as soyabean oil, to offset sunflower oil losses; driving soyabean prices higher. In addition, rising input costs have continued to support prices.

Ground (peanut) oil market

The Indian groundnut oil price rose by 5.7% m-o-m and 9.7% y-o-y to a record high of €2,003/tonne on 19 April. After a four-month downward trend, groundnut oil prices began to rise in February on the back of the Russia-Ukraine geopolitical conflict which sent global vegetable oil prices to unprecedented levels due to shortages of sunflower oil. Additionally, global groundnut oil production for the 2021/22 marketing year has been revised down slightly by the United States Department of Agriculture (USDA) to 6.45M tonnes from an initial estimate of 6.5M tonnes. However, groundnut crush processing from top producer India has reportedly increased in line with domestic prices to replace sunflower oil shortages.

Butter market

The price of EU butter hit a record high of €7,205/tonne on 13 April, up by 76% compared to the same period last year. Availability remained tight while demand for fats was strong. Since Russia’s invasion of Ukraine, buying interest has picked up and buyers have found it difficult to stockpile. Due to the uncertainty around rising input costs, including logistics disruptions, manufacturers slowed forward contracting. With active butter demand, manufacturers feel confident to delay contracting as a way of protection against cost uncertainties. In addition, high cream and vegetable fats prices have boosted butter prices during the last quarter.

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