The price index of soybean oil fluctuates based on various factors such as its chemical composition and physical properties. Extracted from the seeds of the soybean plant, Glycine max Merr, this edible oil typically exhibits a pale yellow hue. It is soluble in carbon disulfide, chloroform, ether, and alcohol but remains insoluble in water. Through refining methods, soybean oil can be purified to contain over 99% triglycerides.
The price index of soybean oil is influenced by the quantity of triglycerides and linoleic acid present, affecting its overall quality. It possesses a neutral odor and taste, solidifying within the range of -10 to 16°C. Soybean oil demonstrates stability in the presence of oxygen but is susceptible to oxidation when exposed to catalysts like copper and iron, resulting in an undesirable taste. To preserve its quality, it should be stored in airtight, light-resistant containers at temperatures exceeding 25°C.
Soybean oil finds extensive use in the food, culinary, and pharmaceutical industries. Its price index reflects market dynamics influenced by factors such as production levels, demand, and global economic conditions.
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The key importing countries that import Refined Soybean Oil are the Netherlands, France, and Germany. On the other hand, the key exporting countries are the Netherlands, Germany, and France.
Key Details About the Refined Soybean Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Refined Soybean Oil price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Refined Soybean Oil Price chart, including India Refined Soybean Oil price, USA Refined Soybean Oil price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Refined Soybean Oil Price Trend:
Refined soybean oil boasts a myriad of applications across various sectors, particularly in cooking and culinary endeavors. It serves as a popular frying oil, salad dressing base, and a key component in the production of margarine and shortenings. Beyond the realm of food production, soybean oil finds utility in industries such as furnishings and agriculture. In these sectors, it contributes to the formulation of glues, plywood adhesives, resins, laminates, and more. Additionally, soybean oil plays a significant role in the creation of insecticides and pesticides vital for agricultural purposes.
As one of the most widely consumed vegetable oils globally, soybean oil ranks second only to palm oil in consumption. It serves as a crucial ingredient in the production of commercially processed foods. Furthermore, partially or fully refined soybean oil, possessing drying properties, finds application in the manufacture of printing inks and paints.
Key Players:
- Cargill
- Incorporated
- Wilmar International
- MWC Oil
- CHS Inc
- Archer Daniels and Midland Company
News & Recent Development
- Date: June 15, 2023- The government has announced a reduction in the import duty, which drops from 17.5% to 12.5% on products, specifically refined sunflower and Soybean oil. The following will be effective from Thursday.
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