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China oils market daily: Exemption policy boosts biodiesel demand expectations, U.S. soybean oil prices continue to climb

Source: Mysteel Feb 27, 2026 09:33
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Plant Oil Soybean Demand Price Supply
The Trump administration has finalized a plan requiring large refineries to fulfill at least half of the biofuel blending obligations that had been exempted in recent years under the "Small Refinery Exemption" program, leading to a continued rise in U.S. soybean oil prices. However, the upward momentum of domestic vegetable oil futures is limited due to weak fundamental data. Palm oil lacks driving force for a rally, showing a volatile and weak performance. Institutions are balancing their positions by shorting palm oil and going long on soybean oil, resulting in soybean oil temporarily outperforming palm oil. On the spot front, basis prices continued to decline yesterday. The buying and selling atmosphere has not yet fully recovered after the holiday, and supply expectations for February and March are relatively high for now, putting short-term pressure on basis.

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