Egypt's GASC bought sunflower oil 10% cheaper than a month ago
On September 21, the Egyptian state operator GASC held international and local tenders for the purchase of 30,000 tons of soybean oil and 10,000 tons of sunflower oil with delivery on December 15-31 and immediate payment.
Bid prices were lower than at the August 24 tender. So, 8 applications were submitted for the supply of sunflower oil (12 at the previous auction) at the price of $918-997 (990-1064) $/t C&F and 8 (8) applications for the supply of soybean oil at the price of 1019-1075 (1070-1096) $/t C&F.
As a result, GASC purchased 63,000 tons of sunflower oil with immediate payment and delivery on December 15-31 at a price of $880/t C&F, which is 10.2% lower than the August 24 tender price, 12.5% lower than the August 16 tender price, and 22% - tender prices on July 26.
Sunflower oil of Bulgarian and Russian production was purchased in the following lots:
- 18 thousand t in the company InterGrain SA,
- 12 thousand t in the company TOI Commodities,
- 12 thousand t in the company Green Suppliers,
- 10 thousand tons in Oliva AD company,
- 11,000 tons at Aston Agro Industrial.
Sunflower oil prices fall against the backdrop of increased offers from the Russian Federation and Ukraine, a drop in palm oil prices to a 3-month low, and a drop in soybean oil quotes.
December palm oil futures on Bursa Malaysia yesterday fell 1.7% to a 3-month low of 3,657 ringgit/t or $780/t (-2.3% for the week) after Dalian soybean oil contracts fell by 3.4%, and palm oil contracts fell by 1.7%.
December soybean oil futures in Chicago were down 5.6% for the week at $1,286/t (-6.2% for the month), while asking prices for sunflower oil for delivery to buyers during the week fell from $870 to $835 /t.
the Russian Federation is increasing supplies of sunflower oil to markets traditional for Ukraine. In August, oil exports from the Russian Federation increased 12 times compared to August 2022, from 25.3 to 301.5 thousand tons, of which 149 thousand tons were delivered to India, 49 thousand tons to China, and 39 thousand tons to Turkey .
