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Refined Soybean Oil Prices, Demand and Supply Overview
Refined soybean oil is made by crushing soybeans, then degumming, neutralizing, bleaching and deodorizing the crude oil. It is the most used edible oil in the US, Brazil and Argentina, used in cooking, margarine and processed foods, and increasingly as a biodiesel and renewable diesel feedstock. The US, Brazil, Argentina and China are the main producers, and India is the largest importer of crude soybean oil.
Prices rose sharply in 2026. Futures averaged USD 1,111 per tonne in January and peaked at USD 1,616 in May, up 54 percent year to date by early May on biofuel demand and energy market shifts, and July was 34.8 percent above July 2025. By early October prices were about 6 percent below the May peak but still about 36 percent above January on a futures basis.
Refined Soybean Oil Prices in October 2026
CBOT December soybean oil settled at about USD 1,510 per tonne on 2 October, up USD 27 on the day, with November crude oil at USD 91.11. Four drivers apply.
- US biofuel mandates: The EPA's final 2026-27 Renewable Fuel Standard, announced on 27 March, sets biomass-based diesel at 8.86 billion RINs for 2026 and 8.95 billion for 2027, and June renewable diesel and SAF output hit a record 499 million gallons.
- Crude oil: Crude near USD 91 per barrel supports biofuel economics and soybean oil.
- USDA supply: The 11 September WASDE put the soybean crop at 4,535 million bushels with ending stocks of 310 million, while August data put the 2026/27 soybean oil season-average price at USD 1,540 per tonne against USD 1,410 for 2025/26.
- India duty cut and palm: India cut duty on crude soybean oil from 10 to 5 percent from 24 September, but Malaysian palm fell about 5 percent in September on rising stocks, capping gains.
Supplier news: ADM announced in late July upgrades at four US crush plants in Indiana, Missouri, Nebraska and North Dakota, adding about 700,000 tonnes per year over three years. A 25 percent US tariff on Brazilian tallow took effect on 22 July, which shifts feedstock demand toward soybean oil. Short term, biofuel demand supports prices against a record crop; long term, crush capacity follows EPA volumes.
Refined Soybean Oil Price Forecast for 2026
Expect steady gains across all four markets through H2 2026 as domestic food manufacturing demand continues its gradual growth. Brazil should retain its position as the most competitively priced origin given its large-scale, export-oriented crush industry. India's import-driven premium should persist given the country's near-total reliance on imported material. US and Brazilian biodiesel blending policy developments remain worth watching, given both countries' growing use of soybean oil as a biofuel feedstock competing with food-grade refining.
The 4-region average rose 4.4% between the first and second quarters of 2026. We see little reason for that trend to reverse through H2, barring a genuine shift in the factors driving it.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 1,274 - 1,406 | Balance of regional supply and demand conditions |
| United States | 1,242 - 1,370 | Firm domestic food manufacturing demand met competing biodiesel blending requirements |
| Brazil | 1,152 - 1,271 | Strong export demand kept Brazilian pricing the most competitive of the four markets even as it rose in step with the group |
| China | 1,321 - 1,457 | Growing domestic demand and import restocking kept Chinese pricing climbing |
| India | 1,382 - 1,525 | Tightening global supply expectations and import duty costs kept India at the top of this group |
For the Quarter Ending June 2026
Refined Soybean Oil Prices Q2 2026:
- United States: USD 1,280/MT
- Brazil: USD 1,188/MT
- China: USD 1,362/MT
- India: USD 1,425/MT
Refined Soybean Oil Prices in United States
USD 1,280/MT. That is where United States landed in Q2 2026, up 4.2% from USD 1,228/MT in Q1 2026, putting it the 3rd most expensive of the 4 markets tracked this quarter.
Why did the price of Refined Soybean Oil change in Q2 2026 in United States?
Firm domestic food manufacturing demand met competing biodiesel blending requirements, supporting a firm increase, with United States now sitting about 2.6% below the 4-region average this quarter.
United States has averaged 1.9% a quarter over the six quarters this report tracks; this move came in faster than that longer-run pace.
Refined Soybean Oil Prices in Brazil
Brazil's price gained 4.4% to USD 1,188/MT, strong export demand kept Brazilian pricing the most competitive of the four markets even as it rose in step with the group, making it the most affordable of the 4 markets tracked here this quarter.
Why did the price of Refined Soybean Oil change in Q2 2026 in Brazil?
Strong export demand kept Brazilian pricing the most competitive of the four markets even as it rose in step with the group, which puts Brazil roughly 9.6% below the average across the 4 regions this report tracks.
Set against a 1.9% average quarterly pace over the six quarters this report tracks, Brazil's move this quarter landed faster than that trend.
Refined Soybean Oil Prices in China
In Q2 2026, China priced at USD 1,362/MT, up 4.4% from USD 1,305/MT the previous quarter, ranking it the 2nd most expensive among the 4 markets this report follows.
Why did the price of Refined Soybean Oil change in Q2 2026 in China?
Growing domestic demand and import restocking kept Chinese pricing climbing, working out to China trading about 3.7% above this quarter's 4-region average.
Measured against China's own average pace of 2.0% a quarter across the six quarters this report tracks, this move came in faster than that pace.
Refined Soybean Oil Prices in India
India reached USD 1,425/MT in Q2 2026, tightening global supply expectations and import duty costs kept India at the top of this group, placing it the priciest across the 4 regions covered in this report.
Why did the price of Refined Soybean Oil change in Q2 2026 in India?
Tightening global supply expectations and import duty costs kept India at the top of this group, leaving India running roughly 8.5% above the 4-region average for the quarter.
That is faster than the 2.0% average quarterly move India has posted across the six quarters this report tracks.
For the Quarter Ending March 2026
Refined Soybean Oil Prices Q1 2026:
- United States: USD 1,228/MT
- Brazil: USD 1,138/MT
- China: USD 1,305/MT
- India: USD 1,362/MT
Refined Soybean Oil Prices in United States
USD 1,228/MT. That is where United States landed in Q1 2026, up 1.3% from USD 1,212/MT in Q4 2025, putting it the 3rd most expensive of the 4 markets tracked this quarter.
Why did the price of Refined Soybean Oil change in Q1 2026 in United States?
Early-year biodiesel blending demand supported a firm start to 2026, with United States now sitting about 2.4% below the 4-region average this quarter.
United States has averaged 1.9% a quarter over the six quarters this report tracks; this move came in slower than that longer-run pace.
Refined Soybean Oil Prices in Brazil
Brazil's price gained 1.3% to USD 1,138/MT, steady export demand carried prices higher as the new year began, making it the most affordable of the 4 markets tracked here this quarter.
Why did the price of Refined Soybean Oil change in Q1 2026 in Brazil?
Steady export demand carried prices higher as the new year began, which puts Brazil roughly 9.6% below the average across the 4 regions this report tracks.
Set against a 1.9% average quarterly pace over the six quarters this report tracks, Brazil's move this quarter landed slower than that trend.
Refined Soybean Oil Prices in China
In Q1 2026, China priced at USD 1,305/MT, up 1.4% from USD 1,287/MT the previous quarter, ranking it the 2nd most expensive among the 4 markets this report follows.
Why did the price of Refined Soybean Oil change in Q1 2026 in China?
Growing domestic consumption supported a firm start to 2026, working out to China trading about 3.7% above this quarter's 4-region average.
Measured against China's own average pace of 2.0% a quarter across the six quarters this report tracks, this move came in slower than that pace.
Refined Soybean Oil Prices in India
India reached USD 1,362/MT in Q1 2026, consistent import demand supported a modest early-year gain, placing it the priciest across the 4 regions covered in this report.
Why did the price of Refined Soybean Oil change in Q1 2026 in India?
Consistent import demand supported a modest early-year gain, leaving India running roughly 8.2% above the 4-region average for the quarter.
That is slower than the 2.0% average quarterly move India has posted across the six quarters this report tracks.
Quarterly Refined Soybean Oil Price Trends
The global average climbed steadily across the window, from USD 1,192/MT in Q1 2025 to USD 1,314 by Q2 2026, a gain of 10.2% over six quarters.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q2 2026 | 1,314 | +4.4% | ↑ Rising |
| Q1 2026 | 1,258 | +1.4% | ↑ Rising |
| Q4 2025 | 1,241 | +1.4% | ↑ Rising |
| Q3 2025 | 1,225 | +1.4% | ↑ Rising |
| Q2 2025 | 1,209 | +1.4% | ↑ Rising |
| Q1 2025 | 1,192 | - | - Stable |
| Q3 2026 | In Progress | - | - In Progress |
What was Refined Soybean Oil Price in 2025?
The global refined soybean oil average moved steadily through 2025, opening near USD 1,192/MT in Q1 and closing the year at USD 1,241, a 4.1% increase.
Refined Soybean Oil Prices in United States in 2025
United States prices moved from about USD 1,165/MT in Q1 2025 to USD 1,212 by Q4, up roughly 4.0%. That left United States ranked 3 of 4 tracked markets heading into 2026.
Refined Soybean Oil Prices in Brazil in 2025
Brazil prices moved from about USD 1,080/MT in Q1 2025 to USD 1,123 by Q4, up roughly 4.0%, placing Brazil 4 of 4 tracked markets as 2025 closed out.
Refined Soybean Oil Prices in China in 2025
China prices moved from about USD 1,235/MT in Q1 2025 to USD 1,287 by Q4, up roughly 4.2%. China closed the year ranked 2 of the 4 markets this report tracks.
Refined Soybean Oil Prices in India in 2025
India prices moved from about USD 1,290/MT in Q1 2025 to USD 1,344 by Q4, up roughly 4.2%, leaving India in 1 place among the 4 tracked markets heading into the new year.
How We Can Help
Expert Market Research: Your Source for Real-Time Refined Soybean Oil Price Intelligence
Our analysts track refined soybean oil pricing across every major producing and consuming region, working back from the headline number to the crude soybean oil costs and demand shifts actually driving it. That view gets refreshed regularly as new cost, policy, and demand data comes in.
Production capacity, feedstock cost trends, and regional demand signals all feed into our forecasts, which are built to support real procurement decisions like budgeting and supplier negotiation rather than serve as a single static reference point.
Our analysts can also provide a more granular regional breakdown, extended historical data beyond this report's six-quarter window, or a custom sourcing analysis built for your specific footprint.
We track domestic food-grade and biodiesel-linked demand as related but distinct threads, since blending mandate policy changes can shift available food-grade supply independently of the broader crush and harvest cycle.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Frequently Asked Questions About This Report
Refined soybean oil is crude soybean oil processed through degumming, neutralisation, bleaching, and deodorising into the stable, neutral-flavoured oil used across cooking, salad oil, and food manufacturing applications, functionally similar to the RBD soybean oil this pipeline also tracks under its export-market terminology.
In Q2 2026, it averaged USD 1,280/MT in United States, USD 1,188/MT in Brazil, USD 1,362/MT in China, USD 1,425/MT in India, with India the priciest of the 4 markets tracked in this report.
The global average moved from USD 1,241/MT in Q4 2025 to USD 1,258 in Q1 2026, then to USD 1,314 by Q2, a 5.8% increase across the two quarters.
Firm domestic food manufacturing demand met competing biodiesel blending requirements. The other regions in this report saw broadly comparable pressures, though the specific mix of supply and demand drivers varied from market to market.
Expect steady gains across all four markets through H2 2026 as domestic food manufacturing demand continues its gradual growth.
Regional pricing spans from Brazil at the low end to India at the high end among the 4 markets tracked here. That range comes down mainly to production cost structure, import reliance, and how tight local demand is running, all of which can shift the ranking over time.
US, Brazilian, and Argentine soybean crush volumes, which together set the global supply baseline; Domestic cooking oil and food manufacturing demand across all four markets; Biodiesel blending competition for available crude oil supply in producing countries, along with broader macroeconomic conditions across the 4 regions this report tracks.
Refined soybean oil is crude soybean oil processed through degumming, neutralisation, bleaching, and deodorising into the stable, neutral-flavoured oil used across cooking, salad oil, and food manufacturing applications, functionally similar to the RBD soybean oil this pipeline also tracks under its export-market terminology.
Refined soybean oil and RBD, refined, bleached, and deodorised, soybean oil describe substantially the same processing outcome, though RBD is the terminology most commonly used in internationally traded export markets while refined soybean oil is a broader term that can cover a wider range of domestic refining specifications. Buyers should confirm the exact specification relevant to their own sourcing, since regional terminology conventions vary.
Monthly, though our analysts flag any material shift in feedstock costs or regional demand as soon as it emerges.
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