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Mysteel China edible oils market daily: Overseas market positives boosted the overall strength of the vegetable oil complex

Source: Mysteel Jul 09, 2026 11:01
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Plant Oil Demand Price Supply
Yesterday, domestic soybean oil prices trended higher with volatility, primarily driven by cost-side support from external markets. High temperatures in the U.S. Midwest threatened soybean crop growth, coupled with escalating U.S.-Iran tensions that drove international crude oil prices sharply higher. Additionally, robust domestic demand for U.S. soybean purchases pushed U.S. soybean prices to a near one-month high, fueling bullish market sentiment and driving domestic soybean oil futures to follow suit. However, gains were limited. On one hand, U.S. soybeans faced significant resistance at the 1200-cent mark, with heavy selling pressure; on the other hand, domestic soybean oil spot supply remained ample, and the rally in futures weighed on spot basis, which continued to weaken. End-user demand remained cautious, and overall market transactions were sluggish.

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