At the tender in Egypt, the purchase price of sunflower oil increased, and soybean oil - decreased compared to previous auctions

On May 9, the Egyptian GASC held an international tender for the purchase of 40,000 tons of vegetable oils with delivery on June 10-25 and June 26 - July 10 and payment within 180 days, where it planned to purchase 30,000 tons of soybean oil and 10,000 tons of sunflower oil.

Compared to the previous tender on March 28, the number of offers, particularly soybean oil, increased and soybean oil offer prices decreased, while sunflower oil offer prices increased from $941-1,050/t C&F to more than $1,000/t C&F.

As a result, GASC bought 73,000 tons of sunflower oil (although it planned to buy 10,000 tons) at a price of $1,000/t C&F ($70/t more expensive than in March) and 29,000 tons of soybean oil at a price of $994/t C&F ( $56/t cheaper), namely:

• 6 thousand tons of sunflower oil from the TOI Commodities company with delivery on June 10-25 at a price of $1,000/t C&F,
• 18,000 tons of sunflower oil from Aston Agro Industrial SA for delivery on June 10-25 at a price of $1,000/t C&F,
• 12,000 tons of sunflower oil from Aston Agro Industrial SA with delivery from June 26 to July 10 at a price of $1,000/t C&F,
• 12,000 tons of sunflower oil from the Mahsul Trading company with delivery from June 26 to July 10 at a price of $1,000/t C&F,
• 15,000 tons of sunflower oil from the InterGrain l SA company with delivery from June 26 to July 10 at a price of $1,000/t C&F,
• 22 thousand tons of sunflower oil from the company Green Suppliers with delivery from June 26 to July 10 at a price of $1,000/t C&F,
• 18 thousand tons of soybean oil from the company InterGrain l SA with delivery from June 26 to July 10 at a price of $994/t C&F,
• 5,000 tons of soybean oil from Posco Int with delivery from June 26 to July 10 at a price of $994/t C&F,
• 6,000 tons of soybean oil from Green Suppliers with delivery from June 26 to July 10 at a price of $994/t C&F.

We will remind that on March 28, GASC purchased 28,755 thousand tons of sunflower oil at a price of $930/t C&F and 18 thousand tons of soybean oil at a price of $1,050/t C&F, and on February 18 - 60,250 tons of sunflower oil with payment after 180 days for at a price of $920/t C&F, which was $20/t higher than the purchase price of the January 18 tender.

According to Trading Economics, between the March 28 and May 9 tenders, the average price for sunflower oil delivered to customers traded in the range of $855/t, although it rose to $880/t.

During the same period, July soybean oil futures fell by 15.9% to $940/t under the pressure of increased soybean supply from South America.