All major oils lower

BMD crude palm oil declined to $1,120/mt from $1,176/mt. CBOT soybean oil fell to 66.5 US cents/lb from 69.95 cents. MATIF rapeseed slipped to EUR 503/mt from EUR 506/mt, and crude sunflower oil eased to $1,480/mt from $1,490/mt.

Analysts note that a full return to pre-conflict price levels is unlikely, given continued global biofuel programmes and expectations that crude could remain elevated due to infrastructure damage.

Malaysia stocks draw, but April exports slow

Malaysian palm oil inventories fell to 2.267 million mt in March, down 16.1% month-on-month on a 40% increase in exports. However, in the first ten days of April, Malaysian exports came in at 380,490 mt, down 38.9% from the same period in March. The decline in April Malaysian exports partly reflects the front-loading of Indonesian shipments in February ahead of a March export tax increase.

Biofuel mandates expanding

Indonesia plans to require public service obligation sectors to move to a B50 biodiesel blend from July 1, with non-PSO sectors remaining at B40 until full transition by 2028. Malaysia is progressing toward a B15 blend mandate, starting with a B12 intermediate step. Both developments are expected to provide structural demand support for palm oil in H2 2026 and beyond.

Argentina filling gap in sunflower supply

Argentina shipped 370,957 mt of sunflower oil in Q1, up from 234,547 mt at the same point last year, partially offsetting lower production from Russia and Ukraine, where accumulated September–February output of 6.137 million mt remains below the 6.491 million mt recorded in the same period last year.

Rapeseed crop outlook supportive for supply

Global rapeseed and canola production is expected to reach a record 86.72 million mt in the upcoming season, according to Oil World, compared to 85.60 million mt last year. Canada’s spring seeding season remains several weeks away due to an unusually cold spell delaying soil warming.

Freight rates remain elevated

Vegetable oil freight rates continue to reflect the impact of the Middle East conflict. A 40,000 mt tanker from the Straits to Rotterdam is currently quoted at $95/mt, compared to $80/mt before the conflict.

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