The vegetable oil complex is still without one direction, and this week the strongest move was in rapeseed.
Rapeseed oil prices rose about 5% on the week, helped by a rebound in MATIF rapeseed and reports that Chinese buyers have taken around 15 cargoes of Australian canola, close to 1 million tonnes, according to three Asia-based traders who spoke to Reuters. Brent and gasoil likely helped too. In Canada, harvest pressure is becoming more visible in ICE canola.
The sunflower oil market stalled. Reports that Russia is considering Turkish proposals on Black Sea navigation safety, and that trilateral talks could take place in the UAE in November, gave the market something to weigh against the physical shortage. That shortage is intact: APK-Inform reports Ukrainian crush is still slow, and ASAP Agri cut its 2026 sunflower seed crop forecast by 0.5 million tonnes to 12.7 million after disappointing yields in several producing regions. Ukraine’s government has given vegetable oils and oilseeds priority for rail and port transport.
Palm oil edged up, with higher Brent possibly lending temporary support, though MPOA reported Malaysian palm oil production up 6% over 1 to 20 October and Vesper expects end-October stocks to build by 200,000 to 250,000 tonnes. Soybean oil futures edged up as well while the beans eased into a record US harvest, now 79% complete against 77% a year ago. Olive oil gave back the previous week’s rebound, with the Spanish harvest only just starting.
Read the full global oils and fats market analysis here.
