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Mysteel oils market daily: Amid El Nio weather variability, vegetable oil prices continue to show strength

Source: Mysteel Apr 23, 2026 09:22
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Plant Oil Soybean Demand Price Supply
Overnight vegetable oil futures continued to show strength, with market focus and trading factors remaining on the potential impact of El Nio extreme weather on production. As long as this narrative cannot be easily disproven, prices still have room to rise. However, with current prices approaching previous highs and risks increasing, attention to volatility is advised. On soybean oil, spot demand saw limited volume transactions yesterday, with rising futures prices pulling down basis levels. The JulySeptember spread remained range-bound with low volatility, while market activity for JuneSeptember contracts was generally subdued. On palm oil, two new cargoes were booked yesterday for June and August delivery, with no spot transactions. The market is monitoring the actual impact of El Nio weather on production.

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