- Bearish: Sunflower oil FOB Black Sea fell $30.00/t to a record low of $1,260.00/t, while meal markets across soy, sunflower, and rapeseed weakened to weekly lows.
- Bullish: Soybean oil and tropical oils strengthened across key benchmarks, with US CBOT soybean oil and sunflower oil CIF Mumbai setting new highs, supporting crush margins for oil-focused processors.
- Mixed: Diverging moves between oils and meals signal shifting crush economics and uncertain demand for livestock feed versus vegetable oils.
Market Overview
Sunflower oil FOB Black Sea dropped $30.00/t on February 19, 2026, to $1,260.00/t, marking a record low and the steepest daily decline among tracked vegetable oils. In contrast, sunflower oil CIF Mumbai India rose $4.97/t to $1,422.85/t, setting a record high and underscoring strong import demand in South Asia.
The soybean complex showed a split performance. Soybean oil strengthened across major benchmarks, with US CBOT gaining $24.03/t to $1,315.72/t and FOB EU rising $10.66/t to $1,282.55/t, both maintaining relatively flat forward curves through March. Conversely, soybean meal softened, with CIF EU sliding $14.93/t to $388.05/t, a weekly low, while US CBOT meal inched up just $0.99/t to $335.98/t.
Rapeseed products moved moderately: rapeseed oil FOB Netherlands increased $6.01/t to $1,283.11/t, rapeseed meal FOB EU eased $1.41/t to $275.46/t (weekly low), and rapeseed MATIF France futures advanced $5.71/t to $580.05/t. Tropical oils extended gains, with palm oil FOB Malaysia up $14.93/t to $1,079.58/t and palm kernel oil jumping $24.88/t to $2,069.60/t.
Price Summary
| Commodity | Location / Contract | Price (USD/t) | Change (USD/t) | Note |
|---|---|---|---|---|
| Sunflower oil | FOB Black Sea | 1,260.00 | -30.00 | Record minimum |
| Sunflower oil | CIF Mumbai, India | 1,422.85 | +4.97 | Record maximum |
| Soybean oil | US CBOT | 1,315.72 | +24.03 | New maximum; flat curve through March |
| Soybean oil | FOB EU | 1,282.55 | +10.66 | Flat curve through March |
| Soybean meal | CIF EU | 388.05 | -14.93 | Weekly minimum |
| Soybean meal | US CBOT | 335.98 | +0.99 | Marginal gain |
| Rapeseed oil | FOB Netherlands | 1,283.11 | +6.01 | Moderate increase |
| Rapeseed meal | FOB EU | 275.46 | -1.41 | Weekly minimum |
| Rapeseed | MATIF France | 580.05 | +5.71 | Futures contract |
| Palm oil | FOB Malaysia | 1,079.58 | +14.93 | Broad strength in tropical oils |
| Palm kernel oil | FOB Malaysia | 2,069.60 | +24.88 | Strong daily gain |
Market Analysis
The record low in sunflower oil FOB Black Sea highlights either a localized oversupply or soft regional demand, even as CIF Mumbai values hit record highs. This divergence suggests logistical or regional demand frictions rather than a uniform global surplus, and could present arbitrage opportunities if freight and risk costs allow.
The widening gap between firm vegetable oils and weak meals points to shifting crush economics. Rising soybean oil prices, alongside gains in rapeseed, palm, and palm kernel oil, support oil-focused margins but are offset by softer meal values, particularly in Europe. This pattern indicates pressure on livestock feed demand or increased meal availability, encouraging traders to reassess forward crush and hedging strategies.
Overall, the price action is bearish for Black Sea sunflower oil and meal products, while sentiment is neutral to slightly bullish for soybean oil, rapeseed, and tropical oils. Market participants should watch whether Black Sea sunflower weakness proves temporary or develops into a broader demand concern across the oilseed complex.
Source: Market Data
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