Soybean Oil Price Increase Supports Soybean Grain Prices

Soybean oil prices rose last week, providing support to soybean grain prices. According to Cepea researchers, the increase in the co-product's price is linked to strong domestic demand, both from food industries and the biodiesel sector.

Additionally, competition between domestic and international buyers for Brazilian soybean oil has intensified in recent days. Foreign consumers have redirected their purchases of the derivative to Brazil due to the recent strike by crushing industries in Argentina.

A Cepea survey shows that the price of soybean oil delivered in the São Paulo region, with 12% ICMS, reached its highest nominal value since March 10, 2023, closing at R$ 6,353.95 per ton on Thursday, the 8th.