Stock prices for palm oil and soy oil declined sharply

2021-02-03 12:09:42
Machine translation
Stock prices for palm oil and soy oil declined sharply

Increase India's import tariffs have fallen palm oil prices, which will soon lead to lower prices of other vegetable oils, especially given the improved weather conditions in Argentina and Brazil.

 

Government of India has decided to increase the import duty on crude palm oil from 30.25% to 35.75%, whereas other oils left rates unchanged at 38.5%, which will cancel the preference of the import of palm oil.

 

the background of this decision and the slowdown in exports in January, the April futures for palm oil on the stock exchange in Malaysia yesterday fell almost 3% to ringgit 3391/t or 838 $/t and will continue to fall further on forecasts of increasing production in the country in the first And second quarters of 2021

 

According to the Ministry of plantatio industries and commodities, this year Malaysia will increase the production of crude palm oil in comparison with last year at 560 thousand tons to 19.7 million tonnes due to favorable weather conditions.

 

in General, experts believe that in 2021, Malaysia and Indonesia will increase palm oil production of 2.5 million tonnes to 67.9 million tons.

 

behind the palm oil on the stock exchange in Chicago March delivery dropped:

  • on soybean oil – 3% to 967 $/t,
  • to soy – 1.4% to 495,6 $/t,
  • soybean meal by 0.7% to 470,5 $/t,
  • maize 2.7% to 212,67 $/t

 

the Fall in the price of soybean oil was unable to support the data about the sharp increase of soybean in the United States in December by 5% to 5.3 million tonnes, as stocks of soybean oil in comparison with December 2019 increased by 4%.

 

the completion of the precipitation in the southern regions of Brazil will speed up harvesting soybeans and corn second crop, which cools the markets. While farmers have threshed only 1.9% of the area compared to 8.9% at the same date last year, which is the worst rate in the past 10 years.

 

the Reduction in prices of palm and soybean oil will increase pressure on the prices of Ukrainian sunflower oil, but a shortage of supply of sunflower in Ukraine will not allow prices to fall much in the near future.

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