Egypt to tender purchased soy oil 12% sunflower 7% cheaper than in January

the State Agency Egypt's GASC yesterday at the tender purchased 60 thousand tons of soybean oil at a price of 767$/t CFR and 60 thousand tons of sunflower oil at a price of 748$/t CFR with the delivery of 10 to 30 April, with the purchase price of soybean oil fell by 12%, or $ 111, and sunflower 7% or $ 57, compared with the previous tender, which closed on January 22.

the Purchase by Egypt of vegetable oils takes place amid a sharp fall in the price of vegetable oil in the world market by a decline in demand from China and India.

the World prices for sunflower and soybean oil fell to a three-month low after the palm oil has suffered pressure through weaker exports and concerns about global demand due to the outbreak of the coronavirus Covid-19 in China.

Futures on palm oil exchange in Malaysia yesterday recovered slightly after falling by 3.5% a day earlier, and rose 1.7%, closing at 2 590 rngt tone or 619,25$/t, the market had an improvement of palm oil exports in February.

According to market operators, the export of palm oil from Malaysia last week, has risen sharply according to the data for 20 days of February, the EXPORT is 10% higher than the same period in January, although data for the first 15 days of February showed a lag in exports by 10%.

Futures for soybean oil in Chicago continued to decline, despite the growth on palm oil, and yesterday dropped 0.6% as investors at the level of 672,2$/t, and quotes on soy also lost 0.9% and is trading at 330,9$/t

Prices for Ukrainian sunflower oil on the one hand has received support from the results of the tender in Egypt, but on the other hand, the decision of the government of India to issue licenses to import 1.1 million tonnes of refined palm oil from Indonesia will reduce and so the falling demand for Ukrainian sunflower oil.