Coconut & Edible Oils Market Brief – 29th April 2026

Philippines: Copra and Coconut Oil—cash market firms, but still well below last year

Philippine copra prices continued to strengthen into late April, with the PCA’s national average millgate at ₱63.38/kg and farmgate at ₱49.14/kg as of 27 April. The daily change was slight, but weekly comparisons remain positive, indicating mills are still competing for near-term supply as inventories remain tight in key producing regions. Regionally, quoted millgate prices stay concentrated in the low-to-mid ₱60s/kg, with Region IV-A at ₱67.50/kg and Region XIII at ₱66.90/kg, while parts of Western Visayas are notably discounted—Region VI at ₱50.00/kg—reflecting local supply and logistics differences.

Despite this late-April strengthening, the market remains significantly lower than a year ago in most regions. This suggests the current rally is more due to “tight prompt” supply rather than a structural bull market unless export demand picks up or competing lauric oils become scarcer.

In coconut oil, domestic prices remain wide-ranging. PCA millgate references for crude coconut oil are ₱136.64–₱156.80/kg, while RBD coconut oil is ₱154.56–₱163.52/kg, showing an active market on offers but cautious on bids.

International: Lauric oils ease; desiccated coconut steady

On the international front, trade remained subdued and seller-driven in Europe. According to the UCAP weekly bulletin for the week ending April 18, there was ongoing easing in vegetable oils, with coconut oil in Rotterdam trading at approximately the low-$2,200s per MT CIF for forward contracts. Palm kernel oil also softened, causing wider relative spreads. Regarding desiccated coconut (DC), export indications remained notably stable: UCAP reported 109–190¢ per pound FOB, with the statistical reference at 146.5¢. In Manila, the local DC price softened slightly to around ₱5,547 per 100-pound bag, with processors focusing more on managing margins than increasing volume.

Container shipping: Far East → Europe rates slip despite geopolitical risk premia

Drewry’s World Container Index (23 April) decreased slightly by 1%, reaching $2,232 per 40ft container, mainly due to continued weakness in Asia–Europe routes. For coconut exporters shipping to Europe, the Shanghai–Rotterdam route declined 4% to $2,147 per 40ft, while the Shanghai–Genoa route dropped 8% to $3,071 per 40ft. This downward trend indicates that demand remains seasonal and uneven. Despite war risk surcharges and higher fuel prices, carriers are having difficulty maintaining higher General Rate Increases (GRIs) without substantial capacity adjustments.

Broader edible oils watchlist

Geopolitics and crude oil links: Tensions in the Middle East persist, sustaining activity in the energy markets. When crude prices rise, palm and soybean oils often increase as well, driven by biodiesel economics—leading to rapid spillovers into laurics through substitution and freight expenses.

Indonesia’s efforts to increase biodiesel blends, including discussions on B50 implementation timing, are structurally boosting CPO demand in the medium term, particularly if energy security continues to be a policy focus.

What to watch next week: pace of mill buying in Southern Tagalog and Mindanao; any pickup in European bids for laurics; and whether carriers announce meaningful blank sailings on Asia–Europe that could arrest the slide in spot freight.

Note:

The Rotterdam market is rarely used nowadays. Most transactions are handled directly by major commodities traders, typically known as ABCD—Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus, with Wilmar also being a significant player. These firms buy directly from millers in the Philippines, thus bypassing the Rotterdam market. When we refer to a quiet market, it doesn’t necessarily mean no business is being done; rather, it is just not publicly disclosed. Therefore, it shouldn’t be seen as an indicator of the market’s overall health or future direction. The UCAP in the Philippines relies on this information for its market forecasts, as it is the only available resource. We also pass this information on as part of our many information sources, noting that we do not have access to private trades beyond our own.