- Bullish: Global vegetable oils rallied, led by a record high in sunflower oil FOB Black Sea at $1,240/t and strong gains in palm and soybean oils.
- Bearish/Neutral: Soybean and rapeseed complexes showed weakness or mixed moves, with US soybeans, soybean meal, and MATIF rapeseed under pressure.
Global Vegetable Oils Rally as Sunflower Oil FOB Black Sea Hits Record High
Global vegetable oil markets strengthened sharply on January 12, 2026, with sunflower oil FOB Black Sea surging to a new record high. Most benchmark vegetable oils posted gains, while soybean and rapeseed complexes showed a more mixed performance across major export origins.
Vegetable Oil Price Moves
| Commodity | Location / Basis | Price (USD/t) | Change (USD/t) | Note |
|---|---|---|---|---|
| Sunflower oil | FOB Black Sea | $1,240.00 | +45.00 | New maximum |
| Sunflower oil | CIF Mumbai, India | $1,368.13 | +4.97 | |
| Soybean oil | US CBOT | $1,098.34 | +12.35 | Maximum |
| Soybean oil | FOB Brazil | $1,131.22 | +8.26 | Maximum |
| Soybean oil | Daylian, China | $1,179.98 | +0.71 | |
| Palm oil | FOB Malaysia | $1,024.85 | +19.90 | |
| Palm kernel oil RBD | FOB Malaysia | $1,875.58 | +14.93 | |
| Rapeseed oil | FOB Netherlands | $1,215.73 | -6.20 | Minimum |
Sunflower oil FOB Black Sea led the move, jumping $45/t to $1,240/t for January delivery, a fresh record for this benchmark and underscoring strong export demand or tightening supply in the Black Sea region. Gains extended across the broader vegetable oil complex, with US CBOT and Brazil soybean oil both pushing to new highs and palm oil FOB Malaysia advancing nearly $20/t.
Meal Market Developments
| Commodity | Location / Basis | Price (USD/t) | Change (USD/t) |
|---|---|---|---|
| Rapeseed meal | FOB EU | $240.35 | +7.60 |
| Sunflower meal | CIF France | $239.18 | +0.61 |
| Soybean meal | US CBOT | $324.74 | -5.95 |
| Soybean meal | FOB Brazil | $339.20 | -2.69 |
| Soybean meal | CIF EU | $387.06 | 0.00 |
Meal markets were more subdued compared with oils. Rapeseed meal FOB EU led the complex with a gain of $7.60/t, while sunflower meal CIF France edged higher. Soybean meal values weakened in both US and Brazilian markets, and CIF EU soybean meal was unchanged, reinforcing the divergence between stronger oils and softer meals.
Oilseed Price Action
| Commodity | Location / Basis | Price (USD/t) | Change (USD/t) |
|---|---|---|---|
| Soybeans | US CBOT | $379.56 | -5.70 |
| Soybeans | FOB Brazil | $405.36 | -3.08 |
| Rapeseed | MATIF France | $546.32 | -1.80 |
| Soybeans | Daylian, China | $621.40 | +0.37 |
Oilseed prices softened across key Western benchmarks, with US CBOT soybeans, Brazilian export soybeans, and MATIF rapeseed all declining. Chinese soybeans in Daylian were a notable outlier, posting a modest gain, which suggests localized demand resilience in China versus broader pressure in US and Brazilian markets.
Market Analysis and Sentiment
The sharp 3.8% single-session rally in sunflower oil FOB Black Sea highlights tightening fundamentals or accelerated buying interest in the region. Strength across sunflower, soybean, and palm oils indicates specific tightness in the global vegetable oil complex rather than broad support for the entire oilseed chain.
In contrast, weaker soybean and rapeseed seed and meal prices point to more comfortable supply in the upstream oilseed market. The relative weakness in European rapeseed oil and meal may redirect some demand flows toward competitively priced Black Sea-origin vegetable oils. Overall sentiment is bullish for Black Sea vegetable oils and broadly neutral for oilseeds.
Source: Market Data
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