- Palm oil rally: Malaysian FOB palm oil surged to a new high of $1,104.45/t, supporting firmer prices across Asian vegetable oil markets.
- Meal weakness: Rapeseed meal FOB EU fell sharply by $20.02/t to $262.94/t, signaling pressure on European crush margins.
- Mixed soy complex: Brazilian soybeans and some soy oils declined while US CBOT soybeans and meals advanced, reflecting regional supply tightness in North America.
- Stable sunflower oil: Black Sea sunflower oil held at $1,245/t, maintaining a premium but potentially facing substitution risk from cheaper palm oil.
Global Vegetable Oil and Oilseed Market Overview
On January 28, 2026, global vegetable oil and oilseed markets showed a mixed pattern, with pronounced strength in palm oil, stability in key sunflower oil benchmarks, and diverging trends within the soybean complex. Meal prices, particularly rapeseed meal in the EU, weakened notably, raising questions about crush margins and future supply dynamics.
Vegetable Oil Prices
| Commodity / Location | Price | Change (d/d) | Note |
|---|---|---|---|
| Sunflower Oil FOB Black Sea | $1,245.00/t | $0.00/t | Stable |
| Sunflower Oil CIF Mumbai, India | $1,412.90/t | $0.00/t | At maximum |
| Palm Oil FOB Malaysia | $1,104.45/t | +$14.93/t | New maximum |
| RBD Palm Oil Dalian, China | $1,312.37/t | +$18.25/t | New maximum |
| Palm Kernel Oil RBD FOB Malaysia | $2,024.83/t | +$4.98/t | Firm |
| Soybean Oil FOB EU | $1,314.06/t | -$9.81/t | Weaker |
| Soybean Oil US CBOT | $1,197.33/t | -$2.20/t | Slight decline |
| Soybean Oil FOB Brazil | $1,158.48/t | +$2.19/t | Modest gain |
| Soybean Oil Dalian, China | $1,208.72/t | +$10.93/t | New maximum |
Palm oil led the vegetable oil complex, with FOB Malaysia prices hitting a new high and Chinese RBD palm oil following suit. This strength contrasts with weaker soybean oil benchmarks in the EU and US, while Brazil and China recorded gains. Sunflower oil remained stable in the Black Sea yet retained a substantial premium versus palm, which may encourage substitution in price-sensitive destinations such as South and Southeast Asia.
Meal Market Developments
| Commodity / Location | Price | Change (d/d) | Note |
|---|---|---|---|
| Rapeseed Meal FOB EU | $262.94/t | -$20.02/t | Weekly minimum |
| Sunflower Meal CIF France | $262.94/t | -$1.96/t | Softer |
| Soybean Meal FOB Brazil | $328.85/t | +$4.19/t | Firming |
| Soybean Meal US CBOT | $328.27/t | +$4.19/t | Firming |
| Soybean Meal CIF EU | $376.11/t | -$4.97/t | Weaker |
Rapeseed meal FOB EU recorded the steepest decline, dropping $20.02/t to the week’s low, which may reflect softer livestock demand or pressure on European crush margins. Sunflower meal in France edged lower, while soybean meal prices diverged, strengthening at origin in Brazil and on US CBOT but easing on a CIF EU basis, suggesting regional differences in feed demand and logistics.
Oilseed Price Movements
| Commodity / Location | Price | Change (d/d) | Note |
|---|---|---|---|
| Soybeans FOB Brazil | $414.92/t | -$0.80/t | Weekly minimum |
| Soybeans US CBOT | $394.99/t | +$2.85/t | New maximum |
| Rapeseed MATIF France | $574.88/t | -$5.19/t | Weaker |
Oilseed benchmarks pointed to cautious trading. Brazilian soybeans slipped to a weekly low, while US CBOT soybeans advanced to a new high, underlining relatively tighter supply conditions in North America versus South America. Rapeseed futures in France eased, aligning with the softer rapeseed meal market and hinting at pressure on European crush incentives.
Market Implications and Outlook
The combination of strong palm oil prices and steady Black Sea sunflower oil suggests competitive pressure in Asian destination markets, where buyers may increasingly favor palm on price. Weakness in EU rapeseed meal and rapeseed futures points to potential adjustments in European crush activity, which could influence future availability of rapeseed oil and meal. Meanwhile, the divergence between Brazilian and US soybean benchmarks indicates regional tightness in North America, contributing to a neutral-to-slightly-bullish tone for the global oilseed complex in the near term.
Source: Market Data
Leave a Reply