Vegetable oil markets strengthened over the week, led by US soybean oil, after the Environmental Protection Agency granted 29 small-refinery exemptions covering 1.76 billion RINs. The decision shifted the associated 2025 biofuel obligation to 2026–2027, reducing uncertainty over renewable-fuel demand. December soybean oil futures rose 7% for the week to $1,600/t, while US soybean processing reached 6.04 million tons in July, up 8.2% year on year. Stocks fell 6.4% month on month to 891,000 tons.
The development is also relevant to European and Black Sea oilseed trade. Indian sunflower oil demand remained high at $1,470/t CIF Mumbai, supported by supply restrictions from the Black Sea. However, Russian sunflower oil offers for September delivery fell $30–40/t to $1,280–1,290/t FOB, while Ukrainian sunflower oil prices declined by the same amount to $1,250–1,260/t delivered to Danube ports. The source attributed the weakness to shelling, vessel-access restrictions, shipment risks, and expectations of increased supply following a good harvest. European rapeseed oil rose $25–30/t to $1,415–1,425/t FOB Netherlands, although cheaper Ukrainian rapeseed and sunflower oil limited gains.