Refined Soybean Oil Price Trend and Forecast

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 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.

Refined Soybean Oil Price Chart

Refined Soybean Oil Price Trends

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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.

Platform Sample

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With a high content of polyunsaturated fatty acids, Refined Soybean Oil is a natural refined vegetable oil. 7% linolenic acid, 51% linoleic acid and 23% oleic acid are the major unsaturated fatty acids in Refined Soybean Oil. It has a minimal colour level and is an odourless vegetable oil.

Product Details

Report Features Details
Product Name Refined Soybean Oil
Synonyms 8001-22-7, Refined Soy OilRefined Soya Oil
Industrial Uses Food and Beverages
Supplier Database Cargill, Incorporated, Wilmar International, MWC Oil, CHS Inc, Archer Daniels and Midland Company
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes 
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Production Processes

  • Production of Refined Soybean Oil via Mechanical Extraction and Filtration

In order to produce Refined Soybean Oil, the soybeans have to be cracked and adjusted for moisture content. The content is heated between 60 and 88°C, rolled into flakes and solvent is extracted with hexanes. The oil is refined afterwards, clarified by filtration, and blended for different applications, sometimes is even hydrogenated.


The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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