At the tender in Egypt, the purchase price of sunflower oil increased by 5.7%, and soybean oil - by 2%

On November 2, the Egyptian state agency GASC held a tender for the purchase of 30,000 tons of soybean oil and 10,000 tons of sunflower oil for delivery in January-February, where it purchased more than 60,000 tons of vegetable oils, as in the previous tender in September.

The tender received 8 bids for the supply of sunflower oil at a price of $963-1000/t C&F and 15 for the supply of soybean oil at a price of $1065-1075/t C&F, while the tender on September 21 received 8 bids for sunflower oil at a price of 918 -$997/t C&F and 8 soybean oil offers at $1019-1075/t C&F. Despite the sharp increase in the supply of soybean oil, its prices did not decrease, and even increased slightly.

As a result, GASC purchased 27,500 tons of sunflower oil at a price of $930/t C&F (5.7% higher than the auction price on September 21, but 4.2% lower than the tender price on August 24) with delivery from January 21 to February 10 as follows in batches:

• 12 thousand t in the company Green Suppliers,
• 10 thousand tons in Oliva AD company,
• 5.5 thousand tons in the Aston Agro Industrial company.

In addition, 34,000 tons of soybean oil were purchased at a price of $1,030/ton C&F (2% higher than the tender price on August 24) with delivery from January 21 to February 10 in the following lots:

• 6 thousand in the company Green Suppliers,
• 18 thousand t in the company InterGrain SA,
• 10,000 tons at Aston Agro Industrial.

A sharp decline in edible oil imports to India, especially amid seasonal increases in soybean and sunflower oil supplies, will add pressure on global vegetable oil prices and restrain growth.