As of September 2024, soybean oil has become the cheapest cooking oil due to declining prices, while palm oil has seen an increase, affecting consumer choices.
Palm oil has been a longstanding market standard due to its high yield and year-round production, yielding 3.3 tonnes per hectare compared to soybean oil's 0.4.
Challenges in palm oil production, notably in Indonesia and Malaysia, such as the palm oil ban and El Niño effects, have led to reduced supply and increased prices.
The price for palm oil has climbed significantly from $886 to $905 per metric ton, while soybean oil's cost declined by about 9%, creating a market shift.
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