The vegetable oil markets are rising due to speculators

2020-08-18 12:08:42
Machine translation
The vegetable oil markets are rising due to speculators

On the vegetable oil markets continues speculative growth of prices, caused by the news storm-damaged soybeans in Iowa and a slowdown in the production of sunflower in Ukraine and Russia, although these reports indicate that soon the fundamental factors, in particular the capacity-building proposals against the background of weak demand, deployed quotes down.

 

the most Active futures for more expensive palm oil exchange in Malaysia on Monday and Tuesday last week, lost 4.4% on Wednesday and Thursday rose by 2.8%, and on Friday fell back by 2.6%, down for the week to 4.2%.

 

Monday, they rose again by 1.2% to 2679 Ringgits/t to 639 $/t after the rising prices for soybean oil in Chicago, despite evidence of a decrease in exports of palm oil from Malaysia. During 1-25 August, the country has reduced compared to the corresponding period of the July palm oil exports by 16% to 694 thousand tons While palm oil production is recovering and during 1-15 August increased compared to July by 1%.

 

Futures soybean oil in Chicago yesterday, rose another 1% to 694,2 $/t after the speculative surge in soybean prices, which rose last week by 5% to 335,3 $/t on sanpokong regarding storm-damaged soybeans in Iowa.

 

According to the weekly monitoring by the USDA, the number of soybean crops in the U.S. in good or excellent condition decreased by 2% to 72% (53% in 2019), Iowa from 70% to 62%.

 

the Market has supported the increase of soybean in July, to 4.55 million tonnes, which exceeded expert expectations. At the same time stocks of soybean oil fell in comparison with June, more than expected, by 9% to 734 thousand tons

 

the Results of today's Egyptian tender for purchase of vegetable oils will be an additional price indicator.

 

rising prices for rapeseed on the MATIF for 1.75 €/t to 377,75 €/t or 449 $/t supports the price of rapeseed oil in the Netherlands. The strengthening of the Euro against the dollar increases interest in the supply of vegetable oils in the EU.

 

Within two weeks of the current season to the EU countries increased compared to the corresponding period last year, imports of sunflower oil by 10% to 96,9 thousand tons, soybean by 19% to 14.8 thousand tonnes and canola by 56% to 4.2 thousand tons, reducing the purchase of palm by 19% to kzt137. 8 thousand tons.

 

Almost all of the imported sunflower oil produced in Ukraine and half of purchased soybean oil. The main supplier of rapeseed oil was Russia, and half of palm oil, Indonesia has implemented.

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