Global vegetable oil prices continue to run weakly

On June 8, the general direction of oil prices in 2023 is bearish, and vegetable oil, as one of the main vegetable oils, will follow the general trend downward.

From the perspective of the Chinese market, the decline in the price of rapeseed oil has significantly exceeded that of soybean oil and palm oil. This is due to two reasons: first, the annual increase in rapeseed production is the largest; second, China’s imports of rapeseed and rapeseed oil in 2022/2023 have increased significantly.

These two factors make vegetable oil the weakest among the three major oils.