Prices for vegetable oils and meal in China fall ahead of holidays

According to data from China's commodity research center SunSirs, the country's market is seeing a decline in vegetable oil prices. Palm and rapeseed oil prices have fallen the most, while soybean oil prices remain relatively stable.

On the eve of the Spring Festival, market participants have taken a wait-and-see stance and are trying to assess the balance of supply and demand, not excluding the possibility of further price declines in the near future in the absence of new support factors from the currency or commodity markets.

During February, prices for basic goods in the domestic market of the PRC decreased:

• for soybean oil – by 2.5% to 8424 yuan/t or $1179/t,
• soybean meal – by 0.44% to 3164 yuan/t or $443/t,
• palm oil – by 3.5% to 8870 yuan/t or $1242/t,
• rapeseed oil – by more than 4% to 9,880 yuan/t or $1,343/t.

Soybean prices remained unchanged at 4,468 yuan/t or $625/t.