- Bearish: Sunflower oil FOB Black Sea dropped $30/t to $1,220/t, setting a new low and signaling regional oversupply or weaker export demand.
- Bullish: Soybean complex and rapeseed oil/seed prices strengthened across major origins, with several benchmarks hitting new maximums or weekly highs.
- Mixed: Palm and coconut oils showed modest gains or stability, underscoring divergent trends across the broader vegetable oil complex.
Vegetable Oils Overview
Global vegetable oil markets on January 23, 2026 showed a clear divergence between bearish Black Sea sunflower oil and broadly firmer soybean, rapeseed, and palm benchmarks. While sunflower oil FOB Black Sea hit a new low, sunflower oil into India, rapeseed oil, and several soybean oil references moved to fresh highs, reflecting shifting regional balances and competitive dynamics.
| Commodity | Location / Contract | Price (US$/t) | Change (US$/t) | Comment |
|---|---|---|---|---|
| Sunflower oil | FOB Black Sea | $1,220.00 | -30.00 | New minimum |
| Sunflower oil | FOB Black Sea (Feb) | $1,220.00 | 0.00 | Flat vs spot |
| Sunflower oil | CIF Mumbai, India | $1,412.90 | +9.95 | New maximum |
| Soybean oil | FOB EU | $1,294.35 | +7.91 | Firm |
| Soybean oil | FOB Brazil | $1,206.24 | +4.58 | Higher |
| Soybean oil | US CBOT | $1,190.28 | +4.63 | Higher |
| Soybean oil | Dalian, China | $1,181.94 | +4.19 | New maximum |
| Rapeseed oil | FOB Netherlands | $1,240.54 | +20.51 | New maximum |
| Palm oil | FOB Malaysia | $1,057.19 | +2.49 | Marginal gain |
| Palm oil (RBD) | Dalian, China | $1,267.25 | +9.76 | Stronger |
| Palm kernel oil (RBD) | FOB Malaysia | $1,970.10 | +29.85 | Strong rise |
| Coconut oil | FOB Indonesia | $2,722.71 | 0.00 | Unchanged |
Meals Market
Meal markets were predominantly bullish, led by broad-based strength in soybean meal across key exporting and consuming regions, with several benchmarks touching weekly highs. Sunflower meal in Europe also edged to a new maximum, while rapeseed meal in the EU softened, diverging from the overall complex.
| Commodity | Location / Contract | Price (US$/t) | Change (US$/t) | Comment |
|---|---|---|---|---|
| Sunflower meal | CIF France | $242.43 | +1.48 | New maximum |
| Soybean meal | FOB Brazil | $331.14 | +4.08 | Weekly high |
| Soybean meal | Dalian, China | $441.61 | +1.61 | Weekly high |
| Soybean meal | CIF EU | $378.10 | +9.95 | Weekly high |
| Soybean meal | US CBOT | $330.58 | +4.08 | Weekly high |
| Rapeseed meal | FOB EU | $274.36 | -7.73 | Weaker |
Oilseeds Market
Oilseed benchmarks advanced across the board, with soybeans and rapeseed both supported by firm product values and constructive fundamentals. US CBOT soybeans posted a new high, while Dalian soybeans and MATIF rapeseed reached weekly or all-time peaks, underscoring tightness and robust demand in key consuming regions.
| Commodity | Location / Contract | Price (US$/t) | Change (US$/t) | Comment |
|---|---|---|---|---|
| Soybeans | FOB Brazil | $419.59 | +1.39 | Higher |
| Soybeans | US CBOT | $392.32 | +1.38 | New maximum |
| Soybeans | Dalian, China | $618.83 | +6.29 | Weekly high |
| Rapeseed | MATIF France | $568.83 | +9.06 | New maximum |
Market Analysis and Trade Implications
The sharp decline in sunflower oil FOB Black Sea to a new low contrasts with strength in most other vegetable oils, suggesting localized pressure from increased supply or export constraints in the Black Sea. This price discount enhances the competitiveness of Black Sea sunflower oil versus rapeseed and soybean oil, potentially attracting additional demand if logistical bottlenecks can be managed. Meanwhile, the synchronized firmness in soybean and rapeseed oils, meals, and seeds points to tight global fundamentals that are likely to keep the broader complex supported and may force sunflower oil to remain aggressively priced to clear volumes on the international market.
Source: Market Data
Leave a Reply