Soybean oil is a variety of edible oil that is generally pale yellow in color. It is a combustible fluid that is soluble in carbon disulfide, chloroform, ether, and alcohol. However, it is insoluble in water. The oil is obtained from the seeds of the soya plant Glycine max Merr by subsequent refining method that can be refined to hold over 99% of triglycerides.
The chemical and physical properties of Soybean oil may vary depending on the amount of triglycerides and linoleic acid present in the oil. The oil has no odor and contains a bland taste, which solidifies between -10 to 16 ° C. It remains stable in the presence of atmospheric oxygen. In contrast, it reacts in the presence of catalysts, such as copper and iron, that add an undesired taste to the oil in the oxidation process. Hence, it should be stored in an airtight, light-resistant, well-filled container at a temperature exceeding 25° C. Its primary application involves food, Culinary, and pharmaceutical industries.
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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 trend, 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 has many applications in the cooking and culinary sector. It is widely used as a frying oil, salad dressing, base for margarine and shortenings, etc. Besides cooking and food production, soya oil is also used in other industrial sectors like furnishing and agricultural industries, where it produces glues, plywood adhesives, resins, laminate, and more. The oil is largely used to produce insecticides and pesticides that are used in agricultural fields.
It is consumed as an edible oil, which is also considered to be the second most consumed vegetable oil after palm oil. It is one of the ingredients used in producing processed foods commercially. Partially or fully Refined Soybean Oil, which can also be used as a drying oil, is used in making 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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