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Soybean oil, along with other vegetable oils, is one of the most popular among European consumers.
Properly produced oil of the first cold pressing is used not only for nutrition, but also in cosmetology and even medicine. It is known to help treat dermatological diseases, helps the body to produce the necessary hormones – estrogen, testosterone and progestin, and also reduces the risk of cardiovascular disease.
Crude unrefined oil can be produced by mechanical and extraction methods, and among consumers, the method is considered to be of higher quality, as a result of which pure oil is obtained without additional harmful impurities.
Supply and demand for soybean oil from 2015-2020
In the past five years, soybean production has become one of the most profitable, and it’s not just that the processed product is used in the food industry. Growing soybeans can produce sustainable biofuels, which is extremely important for the European market aimed at reducing harmful emissions into the environment.
According to forecasts of USDA experts, only in the 2019-2020 season, soybean oil production increased by 1 million tons, and since 2015 this indicator has been showing high growth annually. Currently, the world produces 56.8 million tons of soybean oil. The main producers are the United States, Brazil and Argentina, and these countries have actually “knocked out” the palm for themselves from China, which has recently reduced the amount of soybean oil produced due to a lack of domestic supply of crops available for processing.
As for the EU countries, Ukraine is the main producer of this product for them. Moreover, if in 2015 Ukraine ranked 8th in the world in soybean cultivation and 6th in its export, then by 2020 the number of crops increased rapidly, which allowed our country to take a leading position, at least for Europe. However, Ukraine is still inferior to other countries in terms of yield, collecting 19 c / ha, although in other countries this figure reaches 26 c / ha.
At the same time, the demand for this type of oil remains at a fairly calm level and there is no shortage of this product for the consumer.
Dynamics of prices for soybean oil from 2015-2020
Soybean oil prices have remained stable over the past few years. They are influenced only by changes in palm oil prices and oil prices. So, according to statistics, prices remain at the level of 626-670 dollars per ton. At the same time, the supplies of Ukrainian oil to Europe are not high enough – and here the whole point is in the requirements that exist for these products. The thing is that transgenic varieties are mainly grown in Ukraine, but this does not appear in official documents. And Europe, in turn, requires confirmation of the quality of products, which is not carried out in our country. These features do not allow to fully deliver local products to the EU countries.