Palm oil prices fell to $976/mt from $993/mt, reversing the previous week’s bullish momentum as weaker Brent crude oil, declining soy oil prices, and slower Malaysian export volumes pressured markets.

BMD crude palm oil declined to $976/mt from $993/mt at the same time last week, with weaker Brent crude oil, soy oil, and slower Malaysian shipments pressuring prices and reversing the bullish mood of the previous week.

One large surveyor estimates Malaysian shipments during November 1–25 at 1.042 MMT, which is 19% below the same period last month. CIMB and other market sources reported that MPOB could potentially show stock growth in Malaysia in November as weaker exports offset the impact of declining production.

On a CIF India basis, crude palm oil’s discount to soybean oil reached more than $100/mt and to sunflower oil $240/mt. Indian total vegetable oil stocks in October were 25% below the levels of October last year, according to SEA data, which could support demand from India—the largest palm oil buyer—in the coming weeks.

For soybean oil, CBOT crude soy oil prices declined to 50.18 cents/lb from 51.14 cents/lb at the same time last week. FOB Argentina crude soy oil prices declined to $1,085/mt from $1,097/mt; the market is in backwardation.

Weaker Brent crude oil and soybean prices, along with profit-taking ahead of Thanksgiving in the US, pressured soy oil benchmarks. CBOT soybean prices dropped to 1,123 cents/bushel from 1,157 cents/bushel at the same time last week as markets worry that China will not buy enough US soybeans under the trade agreement due to the uncompetitiveness of US prices.

Reuters reported rumors that the reduction of credits for imported biodiesel in the US, which would strengthen demand for local biodiesel and soy oil, could be postponed to 2027 or 2028. The US market is operating under uncertainty, as many policy changes, even for 2026, are still not finalized.

According to the November report published by Lipsa, the soybean planted area in Argentina is expected to decline by around 1 million hectares, largely due to weaker prices and acreage shifting to sunflowers. The Rosario Grain Exchange currently estimates production to reach 47 MMT, compared with 50 MMT last year.


This article is part of a more comprehensive vegetable oils market analysis. For the full market analysis, visit: