Refined Soybean Oil Price Trend and Forecast

Refined Soybean Oil Regional Price Overview

Get the latest insights on price movement and trend analysis of Refined Soybean Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Refined Soybean Oil Price Trend for Q1 of 2025

India’s refined soybean oil market experienced notable fluctuations in the first quarter of 2025, influenced by global price trends and shifting import patterns. The availability of lower-priced soybean oil from South American suppliers led to increased imports, as major exporters such as Argentina, Brazil, and Russia offered competitive rates. Meanwhile, palm oil supply remained constrained due to production challenges in Malaysia and Indonesia, prompting Indian consumers to turn to refined soybean oil as a cost-effective alternative. These factors drove market participants to prioritize soybean oil imports, leading to increased availability in the domestic market.
 

Refined Soybean Oil Price Chart

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As India’s reliance on palm oil declined, demand for refined soybean oil strengthened, resulting in slight price increases. This shift underscored the evolving market dynamics, with consumers opting for economical and diverse edible oil options. Additionally, global supply fluctuations and price competitiveness played a key role in shaping consumer purchasing behavior in India during the first quarter of 2025.

Analyst Insight

According to Procurement Resource, refined soybean oil is expected to exhibit a fluctuating price trend in the near future, influenced by shifts in consumer behavior as temperatures rise.
 

Refined Soybean Oil Price Trend for the Year 2024

Refined soybean oil experienced an overall upward trend in the Indian market throughout 2024. In the initial phase of the year, prices showed a slight decline due to higher inventories and relatively lower demand. However, by the second quarter, prices began to rise, primarily driven by increased freight costs. Disruptions in shipping routes around the Red Sea caused delays, leading to higher transportation expenses, which added pressure on Indian soybean oil prices and contributed to an upward trend.

Meanwhile, soybean oil imports peaked in August as local supply tightened. The Solvent Extractors' Association (SEA) reported that soybean oil accounted for nearly half of India's total vegetable oil imports, as importers relied on external sources to bridge the supply gap. The rise in imports helped ease pressure on domestic stocks. Additionally, the Indian government raised customs duties on edible oils, including soybean oil, as part of an effort to support local farmers. While this policy aimed to boost domestic production, it also led to an immediate price increase, impacting both traders and consumers.

The high volume of imports highlighted continued demand, while government regulations aimed at strengthening domestic agriculture further sustained elevated price levels. Overall, the 2024 price trend for Indian soybean oil was shaped by a combination of global supply chain disruptions, government policies, and the persistent reliance on imports to meet local demand.

Analyst Insight

According to Procurement Resource, the refined soybean oil price trend is expected to maintain an upward trajectory in the coming months. However, prices are anticipated to stabilize as the new harvest enters the market.
 

Refined Soybean Oil Price Trend for the Second Half of 2023

During the third and fourth quarters of 2023, the pricing of soybean oil in Asian and European markets displayed inconsistent movements. Initially, prices declined in Asia due to oversupply, but during the festive season and winter holidays, demand surged, driving refined soybean oil prices upwards. Additionally, factors contributing to this variation included increased procurement rates globally, driven by lower crop yields in exporting nations like Brazil.

Similarly, European markets experienced supply chain disruptions and higher prices due to limited exports from major producers, particularly South America, where decreased production yields led to reduced soybean oil exports. Additionally, the blockage and rerouting of the Red Sea route disrupted Asian imports.

However, in North America, after inclining through the third quarter of 2023, the refined soybean oil prices in October declined despite predictions of a bullish shift, prompting the traders to reduce their pricing quotations of refined soybean oil. Further, concerns over El Nino's impact on palm oil production in Malaysia and Indonesia, disappointing usage in the renewable diesel sector, and Brazil's reduction in biodiesel mandates further contributed to downward pressure on soybean oil prices.

Analyst Insight

According to Procurement Resource, the price of Refined Soybean Oil is estimated to dwindle in the upcoming quarters as the reduced production rates and fluctuating demand are projecting a dim outlook for refined soybean oil prices.
 

Refined Soybean Oil Price Trend for the First Half of 2023

Refined Soybean Oil is extra filtered Soybean Oil with no color and high polyunsaturated fatty acids. It is primarily used as cooking and baking oil. The market trend are dependent on the feedstock soybean and the market demands from consuming sectors.

The global Refined Soybean Oil markets mostly faced oversupply throughout the discussed time period despite being a high-demand product. Having a long shelf life affected the market as, because of easy storage, the inventories remained high, and newer batches kept coming in. So generally, the market experience was dull, but there was some upward swing in the latter half of H1’23. Overall, the Refined Soybean Oil market remained drifting.

Analyst Insight

According to Procurement Resource, the Refined Soybean Oil market projects moderate exchanges, but any good overturns are not expected.

Procurement Resource provides latest prices of Refined Soybean Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.