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Mysteel oils market daily: Palm oil-producing countries are actively promoting biodiesel, providing strong short-term support for DCE palm oil futures prices

Source: Mysteel Apr 21, 2026 10:32
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Plant Oil Soybean Demand Price Supply
The instability in the Middle East keeps oil prices as the primary short-term influencing factor for vegetable oil futures, which are expected to remain volatile in the near term. For soybean oil, market expectations generally point to strong resistance to declines, supported by robust soybean sales progress in Brazil and recent increases in Brazilian soybean premium prices, providing cost support. For palm oil, it has recently been range-bound. Indonesia's Minister of Agriculture stated that the country's "B50" biofuel policy is set to be officially implemented in the second half of this year, leading to a stronger long-term outlook, with technical indicators to watch for further direction.

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