Rains in Brazil and dry weather in Argentina again raise prices for soybeans and soybean oil

In vegetable oil markets continues a steady increase in prices. News about the problems with the supply, reduction of production or adverse weather first rose sunflower oil, followed her palm up, and yesterday, leaders of growth were soybeans and soybean oil.

After recent rainfall in South America, many analysts have raised forecasts of soybean production in Brazil and Argentina that has little to lower the price. However, last quotes was supported by a sharp rise in oil prices 3-3. 3%.

In Brazil the rainfall is somewhat delayed, delaying harvesting soybeans in Argentina dry weather in the next 7-10 days can cause a decline in forecasts of soybean production.

against the background of news yesterday on the Chicago CBOT may soybean futures rose 1.2% to 525,2 $/t, while the March futures for soybean oil has risen by 3.8% to 1126 $/t, and the may – 3.3% to 1103 $/t, adding over a week 9% of the price.

the May futures of palm oil on the stock exchange in Malaysia did not respond to speculative rise in prices of soybean oil in the United States after the previous rapid growth yesterday fell 0.7% to 3651 ringgit/t or 903 $/tonne on expectations of a slowdown in exports by the end of February.

News about the acquisition of the Indian customers, 10 thousand tons of Ukrainian sunflower oil for delivery in March-April for the price of 1470 $/t CIF immediately led to higher prices, offers, 1450-1470 $/t FOB, but the prices of demand remain unchanged.

Number of offers sunflower oil and sunflower seeds in Ukraine decreased sharply amid skyrocketing prices. In addition, producers tend to pass on sale in March because 01.03.21 VAT sunflower is reduced from 20% to 14%.