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Mysteel oils market daily: Weather forecast impacts far-month contracts, leading to a contango structure in vegetable oils

Source: Mysteel Apr 28, 2026 10:17
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Plant Oil Soybean Demand Price Supply
Overnight, vegetable oils experienced narrow fluctuations. In soybean oil, the July-September spread remained low due to uncertainties in soybean oil exports. As soybean inventories at crush plants gradually clear customs, a trend of accumulating stocks is expected after the holiday, leading to looser supply. Yesterday's transactions were mainly for immediate needs. In palm oil, the September-January spread continued its bearish structure. The impact of El Nio weather on production is expected to materialize in the first quarter of next year, and Indonesia's B50 mandate plan also supports long-term palm oil prices, making January performance stronger than September. Spot transactions remained weak.

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