According to the National Grain and Material Reserve Data Center, international soybean oil prices have continued to rise since late December. On January 27th, the CNF price of Argentine soybean oil for March shipping was $1,231/ton, an increase of $100/ton from December 20th, reaching a three-year high. Market news shows that India has once again cancelled the delivery of over 50,000 tons of soybean oil from Brazil and Argentina in February and April July, or switched to purchasing palm oil with higher cost-effectiveness.

The article shows that the international spot price of soybean oil has continued to rise since late December, reaching $1,231/ton on January 27th, an increase of $100/ton from December 20th, reaching a nearly three-year high, mainly driven by tight supply, which has significantly benefited the spot price. In terms of futures market, the main soybean oil contract, such as 2605 settlement price of 8,308 RMB/ton, rose by 100 RMB, and the position increased by 8,470 lots, indicating strong bullish expectations in the market. India's cancellation of some soybean oil orders and shift to palm oil may raise demand concerns, but the overall upward trend in prices is dominant.

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