South American Soybean Oil Markets Diverge as Argentine Prices Firm Up

The soybean oil market in South America has diverged in recent days, with Argentine prices firming up while Brazilian prices eased.

According to Platts data, Argentine free-on-board values for October loading rose by $5.74 per metric ton, or 0.47%, from September 8, to reach $1,223.13 per metric ton on September 15.

This gain was despite a decline in Chicago Board of Trade (CBOT) soybean oil futures by 0.34 cents per pound, or 0.48%, from September 8 to close at 69.88 cents per pound on September 15.

Brazilian prices, however, retreated by $7.50 per metric ton, or 0.61%, from September 8, to reach $1,227.53 per metric ton on September 15.