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Article: Tight global vegetable oil stocks boost soybean oil price. (Markets: Oils, Fats & Waxes).
- Article from:
- Chemical Market Reporter
- Article date:
- December 9, 2002
- Author:
CopyrightCOPYRIGHT 2002 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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US SOYBEAN oil prices have steadily climbed this year, and they are expected to continue rising for the next several months. Most oilseed analysts expect demand for soybean oil to increase with the continued tightening of global vegetable oil stocks. Global harvests of oilseed such as rapeseed, canola and sunflower were decimated this year due to adverse weather, and production in the US of minor oilseeds such as peanuts, corn, and cottonseed was also down after a series of droughts beginning last spring.
In terms of pricing and supply, palm oil seems to be the only major competitor to soybean oil, say some analysts. However, Malaysian palm oil stocks are ...
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