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Mysteel oils market daily: Vegetable oil overnight trading showed divergent trends, USDA report was bullish for U.S. soybeans

Source: Mysteel May 13, 2026 11:28
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Plant Oil Demand Price Supply
The overnight trading session saw divergent trends in vegetable oil futures. On both the daytime and overnight sessions of the previous day, soybean oil showed stronger performance compared to other oils, while the rapeseed oil-soybean oil spread and the soybean oil-palm oil spread both narrowed. This was mainly due to persistent supply-side pressure in the palm oil market, which weighed on prices in the short term. Palm oil spot market inventory pressure was evident, with prompt delivery prices in East China holding at Yuan -220/tonne to -Yuan 230/tonne under P2609. For soybean oil, the first release of the USDA's 2026/27 forecast for U.S. soybeans showed ending stocks significantly below analyst expectations, and global stocks were also lowered. Overall, the data was neutral to bullish, supporting a continued strong performance for U.S. soybeans. Soybean oil and meal prices rose, and the variety spread corrected. For rapeseed oil, domestic supply-side pressure continued to increase.

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