- Bullish: Strong gains in soybean complex and rapeseed products, with CBOT soybeans, soybean meal, and rapeseed oil/meal printing weekly highs on firm crush and feed demand.
- Bearish: Sunflower oil FOB Black Sea and palm oil FOB Malaysia slid to weekly lows, signaling weaker export sentiment and competitive pressure in the vegetable oil space.
- Mixed: Diverging price action between Black Sea sunflower oil and EU rapeseed oil underscores shifting crush economics and potential rationing away from sunflower in European markets.
Overview of Vegetable Oil and Oilseed Markets
Global vegetable oil and oilseed markets showed mixed movements on February 5, 2026. Sunflower and palm oil weakened at key export hubs, while soybean and rapeseed complexes strengthened, especially in Europe and on US futures exchanges.
Vegetable Oil Price Moves
| Commodity | Location | Price (USD/t) | Change (USD/t) | Comment |
|---|---|---|---|---|
| Sunflower oil | FOB Black Sea | $1,275.00 | -5.00 | Session and weekly low |
| Sunflower oil | CIF Mumbai, India | $1,412.90 | 0.00 | Unchanged |
| Soybean oil | FOB EU | $1,294.57 | +8.23 | Weekly maximum |
| Soybean oil | US CBOT | $1,226.87 | -0.22 | Marginal decline |
| Soybean oil | Dalian, China | $1,181.93 | -1.67 | Slightly weaker |
| Rapeseed oil | FOB Netherlands | $1,255.15 | +9.58 | Maximum for the period |
| Palm oil | FOB Malaysia | $1,079.58 | -4.97 | Weekly low |
Sunflower oil prices weakened at the Black Sea export corridor, while Indian import values held stable, widening regional differentials. In contrast, EU-origin soybean and rapeseed oils advanced to or near weekly highs, highlighting stronger European demand and supportive crush margins. Palm oil softened to weekly lows in Malaysia, reflecting lingering demand uncertainty and competition from other vegetable oils.
Meal Market Developments
| Commodity | Location | Price (USD/t) | Change (USD/t) | Comment |
|---|---|---|---|---|
| Soybean meal | US CBOT | $334.22 | +7.72 | Maximum value |
| Soybean meal | CIF EU | $377.11 | +6.97 | Stronger, near highs |
| Rapeseed meal | FOB EU | $294.36 | +5.10 | Maximum level |
| Sunflower meal | CIF France | $259.04 | -0.70 | Registers minimum pricing |
Meal benchmarks in the US and EU rallied, underlining firm feed and livestock sector demand. Both soybean and rapeseed meals hit or approached maximum values, reinforcing favorable crush economics. Sunflower meal in France bucked the trend with a modest decline to minimum levels, hinting at localized oversupply or weaker demand relative to competing protein meals.
Oilseed Futures and Cash Market Moves
| Commodity | Market | Price (USD/t) | Change (USD/t) | Comment |
|---|---|---|---|---|
| Soybeans | US CBOT | $408.68 | +7.35 | Maximum value |
| Soybeans | Dalian, China | $625.70 | +1.49 | Firm tone |
| Rapeseed | MATIF France | $571.94 | +1.99 | Weekly high |
Oilseed benchmarks strengthened across major exchanges, led by CBOT soybeans posting maximum values for the period. Gains in Dalian soybeans and MATIF rapeseed confirm broad-based support, in line with higher meal values and resilient global demand for protein and vegetable oils.
Market Implications and Strategy Notes
The drop in Black Sea sunflower oil to minimum levels reflects bearish sentiment for regional exporters and may pressure Ukrainian and Russian offers lower in the near term. At the same time, robust meal prices in the US and EU signal healthy crush margins, which could sustain demand for soybeans and rapeseed despite weaker prices in some oils.
Rising rapeseed oil and meal prices in Europe, contrasted with softer Black Sea sunflower values, suggest a shift in competitive dynamics toward rapeseed in EU formulations. Traders should watch for adjustments in Black Sea export offers or production plans that might stabilize sunflower oil prices, as well as any rationing effects in European feed and food sectors responding to changing relative values.
Source: Market Data
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