The price of oil can support the oilseed market
amid a decline In oil reserves in the United States and storms in the Gulf of Mexico, oil prices increased by 5%.
According to Reuters, July 10, oil prices rose to their highest in a month level data on the reduction of the main producers of oil production on the continental shelf of the Mexican Gulf on the third on the eve of a heavy storm and the reduction of oil reserves in the U.S. for the week to 9.5 million barrels, which is three times the experts predicted a decrease of 3.1 million barrels. Owing to falling oil imports, oil refineries achieved the highest YTD level.
In the Mexican Strait daily produces 12 million barrels of oil, accounting for 17% of the total production of crude oil in the United States.
crude oil Futures Brent crude rose by 4.44% or 3.4 $ to 67.2 $/barrel, WTI – $ 3 on up to 60,65 $/barrel.
More rates supported the incident in the Strait of Hormuz, where 5 armed boats with the Iranian revolutionary guards tried to stop the British oil tanker that they prevented the Royal Navy frigate, which escorted the tanker. Such actions were a response to the detention of tankers with Iranian oil in Gibraltar.
the increase in oil prices did not support the palm oil prices, which yesterday fell 0.3 percent to 468,2 $/t that is pressing on neighboring markets of vegetable oils.
palm oil Stocks in Malaysia at the end of June exceeded the experts ' expectations and amounted to 2.42 million tonnes, which is the minimum for the last 11 months, and the volume of production of 1.52 million tonnes and export of 1.38 million tonnes correspond to estimates traders.
In today's balance soy from USDA traders expect to see a reduction of production and carryover stocks in the United States, which will significantly support prices. It is unknown how much will be reduced the forecast of world consumption of soybeans over the situation in China.