Soybean Oil Price Trend and Forecast

Soybean Oil Regional Price Overview

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


Soybean Oil Price Trend for the Q2 of 2024

Product Category Region Price Time Period
Soybean Oil Agriculture, Farming and Commodity India 1058 USD/MT to 1078 USD/MT Q2'24

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Soybean oil prices in China experienced a downward trend during the second quarter of 2024 under the influence of increased imports of soybean and inconsistent demand from the downstream industries. In mid-April only, the prices of the commodity reached its lowest levels in four years. The major setback came from the abundant supplies of South American soybeans. Although, in May, the prices showcased a mild rebound supported by the rise in operating rates at soybean oil factories. But this relief for the trading community was short-lived as the pace of rise of inventories was far greater than these improved downstream operating volumes.

Soybean Oil Price Chart

Soybean Oil Price Trends

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On the demand side, during the summer off-season for oil consumption the direct consumer sector only showcased limited interest in the market resulting in the settlement of soybean oil prices on the lower end. In India, on the other hand, the market showcased resilience fueled by the estimated reduction in the imports of palm oil and diversion of the consumer sector towards other vegetable oils. The pricing average of the commodity thus moved from 1058 USD/MT to 1078 USD/MT in this quarter.


The European soybean oil sector struggled with the decline in exporting volumes of the commodity from Brazil. In the second quarter, the floods at Rio Grande and slight reduction in yields of soybean oil in Brazil further constricted its export volumes. The region also noticed that the exporting nations prioritized their domestic markets as the rise in usage of vegetable oil in biodiesel production diverted the focus of producers. However, the market also bore the downward pressure of availability of ample stocks in Europe itself. The future projections also suggest a rise in in-house production capacity of soybean oil, supporting the smooth functioning of supply chains. Therefore, the prices of soybean oil oscillated in the second quarter of 2024 under the rising uncertainties of the market.

North America

A fluctuating trend in the prices of soybean oil was followed in the North American region as the market underwent significant changes in the first half of the year. The USDA estimates of domestic soybean production increased for 2024/25 cycle, supporting the fast-drying inventories of the commodity. The market on the other hand also witnessed the consequences of political battle between the US and China, ahead of the election season as US might announce additional tariffs on Chinese imports.

On the other hand, the biggest exporter to the US, Canada has maintained a consistency in its exporting volumes and has therefore helped in the stabilization of soybean oil prices in the US. The demand sector of the market has further grown, propelled by the increased usage of soybean oil in biodiesel and food production, projecting a positive influence on the price trajectory of soybean oil during the second quarter of 2024.

Analyst Insight

According to Procurement Resource, the price trend of Soybean Oil is expected to be negatively hampered by the global competitive pricing of the commodities.

Soybean Oil Price Trend for the Q1 of 2024

Product Category Region Price Time Period
Soybean Oil Agriculture, Farming and Commodity India 1047 USD/MT March 2024

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The soybean oil prices showcased serious fluctuations during the first quarter of the year 2024. The first half of the quarter saw a steep decline in prices, while the second half saw a little rebound as the market started to stabilize by this time. During the first four months of the 2023-24 oil year, India experienced a notable decline in edible oil imports by over 21%. However, soyabean oil imports from Argentina surged, while those from Brazil decreased due to domestic biofuel industry demands.

The extension of lower import duty structures for palm, soybean, and sunflower oils until March 31, 2025, impacted domestic oilseed processing and prices. The current tax incidence on crude palm, soybean, and sunflower oil imports is 5.5%. India’s soybean oil imports are likely to rise the more than 4 MT in 2023-24 compared to the 3.5 MT of the previous year. This makes India the biggest edible oil importer in the world. Because of the booming biofuel sector the consumption and prices for soybean oil are likely to rise in China as well.


The soybean oil prices were found to be fluctuating in the European markets during the first quarter of 2024. Early on, ample supplies of soy oil in the European market caused prices at European ports to fall to lower levels. At the same time, soybean oil has lost its premium over other oils as soybean processing in the region increased.

Soybean crushing by European crushers in December and January increased to an average of 1.17 million mt, the highest level in the past five months. Some counterbalance was experienced in the latter part of the quarter as a rise in import queries from the US biofuel industry boosted the suppliers’ confidence. Overall, positive market sentiments were witnessed.


In late March, soybean oil prices increased in the Brazilian market due to higher demand, particularly from the food industry, amid expectations of increased biodiesel production in Brazil. Soybean oil serves as the primary raw material for biodiesel production in the country, accounting for approximately 70% of its composition. Currently, the biodiesel blend in diesel oil stands at 14% but could potentially rise to 25%.

Argentina is giving tough competition to Brazil in the export markets. Consequently, consumers in the domestic market are buying only small quantities of soybean oil, anticipating better trading opportunities ahead. Initially, the prices were modest in the US market as well; however, with the diversion towards the biofuel sector, the prices started rising again in the US markets as well.

Analyst Insight

According to Procurement Resource, Soybean Oil price trends are likely to be driven by the global biofuel industry in the coming months. The production is high globally, but the demands from the food industry are projecting regular trend.

Soybean Oil Price Trend for the October - December of 2023

Product Category Region Price Time Period
Soybean Oil Agriculture, Farming and Commodity India 1019 USD/MT October'23
Soybean Oil Agriculture, Farming and Commodity India 1096 USD/MT December'23

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The soybean oil prices showcased mixed market trend during the fourth quarter of the year 2023 in the Asian markets. In the Indian domestic soybean oil market, the monthly average prices first decreased by about 4% from October to November of 2023 and then increased by about 12% in the next couple of months.

This variation in the monthly average prices led to an overall quarterly inclination of about 7% as the prices averaged at around 1019 USD/MT (CIF, India) in October and rose to average at around 1096 USD/MT in the month of December. Various factors contributed to these variations in the market patterns. The global soybean oil market was witnessed to be rising as the primary soybean oil exporting nations like Brazil saw a significant fall in crop yield because of adverse weather conditions. Overall, mixed market sentiments were witnessed.


The European market trend for soybean oil were largely in alliance with the Asian market during the given period. The lack of exports from the major exporting nations created supply curtailments in the European soybean oil markets. Due to this, the prices varied on the higher end of the price scale for the majority of the discussed period. Overall, positive market sentiments were witnessed in Q4’23.

South America

The fourth quarter began with a record decline in soybean oil exports from this leading soy-producing region. In October, Argentina, Brazil, Paraguay, and the United States saw a 10-year low in soybean oil exports. This was major because of the fall in production yields of the soy crop, particularly in Brazil. Overall, high-swinging market trend were witnessed for most of Q4’23.

Analyst Insight

According to Procurement Resource, Soybean Oil price trend are expected to rise further in the coming months. The market projections are fairly positive as the supply constraints are still driving the market.

Soybean Oil Price Trend for the July - September of 2023


In Asian countries, the cost of soybeans surged helping the soybean oil prices to incline in the third quarter of 2023. The extreme weather conditions and slow imports of soybeans depleted the inventory levels and posed a problem for the manufacturers as, in view of this, they had to raise their production costs and, in turn, the soybean oil price trend. However, this affected the existing stockpiles of soybean oil, which declined consistently as the manufacturing and supply chains failed to meet consumer expectations. Further, the escalating rates of procurement due to the holiday season in the region also proved fruitful for the soybean oil price graph.


In Europe, the surging cost of production due to the limited availability of soybeans and lower imports resulted in the inclination in the soybean oil price trend. In addition to this, the manufacturing sector also faced several challenges due to a contraction in its activities and a lower number of overseas imports, which had an adverse effect on the existing soybean oil inventories and thus helped in the rise in its price trend. Further, the market also benefitted from the low pressure of inflation and comparative decline in recession in the majority of European countries.

North America

The North American region also struggled with lower yields of soybean crops due to unfavorable weather conditions and a decline in imports as the Asian currency appreciated by several folds as compared to the US dollar. Additionally, after a slight stumble during the initial phase of the quarter, the demand for soybean oil and the cost of natural gas rose by a good number, giving the soybean oil market its required momentum.

Analyst Insight

According to Procurement Resource, the price trend of Soybean Oil are estimated to be dictated by the rise in demand and depleted level of inventories.

Soybean Oil Price Trend for the First Half of 2023


Soybean Oil prices fluctuated throughout the first half of 2023. Prices initially showed declining trend during the first quarter despite substantial demands, as inventories ran high. The soybean oil prices seesawed further in the second quarter, even though the production yield was good in the exporting nations. It was domestic demands from the downstream industries and the end consumer markets that affected the Soybean Oil market prices in regional Asian markets.


The European Soybean Oil market mostly oscillated on the lower end of the price curve as the upstream costs declined. Fuel and energy prices started to normalize along with supply chain restoration. Also, the black sea deal let the Ukrainian supply enter the market, which increased the supply quantity for soybean, decreasing the upstream costs for Soyabean Oil. With lowered upstream costs, ample supply, and moderate demands, price trend for soybean oil remained southward facing for most of the said period.

North America

US Soybean Oil prices replicated the European market trend during H1 2023. Prices remained low throughout most of the period, with some reverse fluctuations observed at the quarter shift. Excess availability of various edible oils in the highly competitive market affected the demand, so the prices declined for edible oils in general. Overall, the Soybean Oil market remained afloat in the US domestic market.

Analyst insight

According to Procurement Resource, Soybean Oil prices are expected to continue behaving in a similar manner as the market is witnessing high inventories among divided demands. It will take serious measures by the stakeholders involved to revive the market demands to alter the price trend significantly.

Soybean Oil Price Trend for the Second Half of 2022


Asian Soybean Oil market witnessed fluctuating price patterns throughout the said period. The market had a slow start given prices fell throughout the first half of Q3, as the supplies kept piling up amidst supply chain disruptions and freight disturbances. But as the transportation started normalizing and the consumer queries started seeing a rise in the market, soybean oil prices rose and remained on the inclined trajectory. However, it was only in the late Q4 when the demand stabilized leading to normalisation of prices.


Soybean Oil prices exhibited mixed trend in the European markets in the second half of 2022. Prices started low as the European markets were badly hit by low demands given the heavy inflation because of the Russia – Ukraine war. The price trend temporarily moved up to come down again at the beginning of the fourth quarter as the overall trade activities took a hit. However, the price trend for soybean oil stabilized towards the end of concerned period.

North America

US Soybean Oil prices fluctuated throughout the second half of 2022. Contrary to the global market prices started high here as the trade blockages in Europe caused the potential customers to shift to US market. Hence, the US Soybean Oil prices rose rapidly in the first half of Q3. But as the other markets started opening up and diversification started, the demand started stabilizing causing the price trend for soybean oil to decline.

Analyst insight

According to Procurement Resource, Soybean Oil prices are expected to remain fluctuating in the upcoming months given the current supply-demand dynamics. The highly erratic supply amid uncertain demands will strongly impact the edible oil market.

Soybean Oil Price Trend For the Second Quarter of 2022


Soybean Oil prices tend to fluctuate globally as it is influenced by several factors both domestic and geopolitical. The Indonesian government imposed a historic ban on palm oil exports (as of 28 April 2022) to stabilize the domestic crisis. Hence, a huge void was created in the market with the governments looking for substitutes.
As a result, prices of other domestic oils such as soybean oil rose to a consequential high. Due to the mismatch between the demand and supply the market dynamics shifted with the record price of 1630.80 USD/MT (29 April 2022) and averaged the second quarter at 1518.83 USD/MT for India.

China is a net importer, even being one of the biggest producers of the commodity. The country almost entirely exhausts its domestic supply and relies heavily on imports.

However, amidst the ongoing crisis, the price trend of soybean oil was stable due to the fall in demand by downstream sectors. As per the market data, soybean oil prices averaged 9232.66 RMB/MT ($1370.50 approx.) for the current quarter.


Following the Russia-Ukraine conflict, Europe is now looking for alternatives to meet the growing domestic demand. Also, to meet the new blending requirements, the EU is trying to expand its portfolio and has increased the imports of soybean oil.

EU soybean oil imports increased to 6.95% than the previous year amounting to 496,453 MT as of June 2022.

North America

For countries like the USA, domestic demand plays an important role in setting the price trend for soybean oil along with the international scenarios. The latest biodiesel and biofuel policy released by the US administration has led to increased demands by the industries, creating supply issues in the domestic market and driving soybean oil prices.

With the Russia-Ukraine conflict, the world is deprived of the black sea sunflower oil, thereby creating more demand for soybean oil in the USA. Currently, soybean oil price stands at 0.7012 USD/lb or 1545.87 USD/MT- more than a third rise for the price of the commodity in the domestic market. However, due to the speculations about the recession and the uncertainty regarding the US soybean harvest, the prices are likely to stabilize.
Latin America

Soybean oil prices reached a record-breaking high in this quarter. The worsened domestic supply along with the lack of substitutes caused the prices to skyrocket to 1900 USD/MT surpassing all the historical data recorded. Heat waves and subsequent droughts destroyed the soybean harvest leading to shortages in the market.

As of 28 April, the Argentinian FOB Up River soybean oil was priced at 1,909.20 USD/MT and the Brazilian FOB Paranagua was priced at 1,902.59 USD/MT. These prices are likely to grow due to the disrupted black sea sunflower oil from Ukraine and the export ban by Indonesia.

Soybean Oil Price Trend For the First Quarter of 2022


The external oil market expanded rapidly during the Qingming vacation, fueled by the crude oil market. Following the festival, the soybean oil futures market expanded significantly, and the spot market followed suit.

The soybean oil market was expected to remain strong in the short term. On the other hand, the soybean oil and palm oil markets rose on March 24th. Soybean oil averaged 11,146 RMB/MT, up 2.73 percent in a single day, while palm oil averaged 12,994 RMB/MT, up 1.44 percent.

North America

CBOT soybean futures hit 17.65 USD/bushel in Q1 2022, just 29.75 cents lower than the 2012 peak. The price had risen above the 16.70 USD barrier, according to quarterly price momentum and relative strength indicators. Soybean futures rose 21.79 percent in the first quarter, closing at 16.1825 USD/bushel on March 31st. A poor harvest in South America has kept prices stable in recent months, pushing soybeans to an 11-year high in Q1 2022.

Latin America

Soybean oil prices in South America have risen to historic highs, breaking through the 1,900 USD/MT barrier for the first time due to a scarcity of edible oils, with market participants expecting further increases.

FOB prices in Argentina and Brazil have been rising since late February, when Russia's invasion of Ukraine disrupted Black Sea sunflower oil supplies, driving global edible oil prices sharply higher amid already tight stocks. The latest boost to this upward trend came from Indonesia, the world's largest producer and exporter of palm oil, which banned shipments of crude and refined palm oil products on April 28 to combat rising domestic cooking oil prices.

Soybean Oil Price Trend For the Fourth Quarter of 2021


India (USD 3 billion) is the world's largest importer of soybean oil, accounting for 29% of total imports. China (USD 725 million) came in second place, accounting for 7% of the overall value.


Soy oil's increased use in the manufacture of shortenings, margarine, and salad dressings in Europe and North America has also contributed to its rising demand. The increased demand for edible oils in the biofuel industry increased market demand in the fourth quarter of the year.

North America

In the fourth quarter of 2021, the average US crude soybean oil price in North America was 1386 USD/MT. Because of growing concerns about nonrenewable energy sources, biofuel has become a thriving industry. Governments in North America were making significant investments in biofuel production.

The increased biodiesel production capacity had a significant impact on global demand for soybean-derived oil. Because it has a higher BTU value and burns more efficiently and cleanly, the oil is used as a feedstock for biodiesel production. The US government provides a dollar-per-gallon subsidy to biodiesel companies that use virgin vegetable oil as a feedstock.

Latin America

Despite the fact that Brazil, the world's largest soybean producer, increased harvested area by 4% over the previous year, dryness significantly reduced yields. Brazil's soybean output is expected to fall 3% year on year to 134 MMT.

Procurement Resource provides latest prices of 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.

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About Soybean Oil

Soybean or better known as the soya bean is a species of legume native to East Asia. It is extensively grown for its edible bean, that comes with several benefits. The conventional unfermented food uses of soybeans include soy milk, from which tofu and tofu skin are prepared or can be produced or prepared. Fermented soy foods include soy sauce, fermented bean paste, natto, and tempeh.

Soybean Oil Product Details

Report Features Details
Product Name Soybean Oil
Industrial Uses Vegetable oil, Biodiesel, Condiment for salads, Printing ink and oil paint formulations, Fixative
Supplier Database Bunge Limited, The Archer Daniels Midland Company, Cargill, Incorporated, Adams Group, CHS Inc., Grain Millers Inc 
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.

Soybean Oil Production Processes

  • Production of Soybean Oil from Soybeans.

In this process, first soybeans undergo cracking process and then heated at a temperature ranging between 60-88oC or 140-190 °F. These are further rolled into flakes and solvent-extracted with hexanes. The oil obtained is finally refined and blended for distinct applications, and often 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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