The price of oil down amid news of improving weather in budeni hemisphere
In 2017, the production volume of soybean oil in Brazil can grow up to 8.24 million tons, which is 440 thousand tons exceeds that which is expected by the end of this year and will be a record figure for the last 5 years.
This growth of production is due to a record harvest of soybeans in the season 2016/17 MG.
it is Expected that soybean oil exports from the country in 2017 will grow to 1.5 million tons from 1.26 million ton the previous year. Domestic consumption of oil will increase to 6.8 million tons against 6.47 million tone last year, a record breaking figure for the last 5 years. The volume of soybean oil that goes into the production of biofuels in 2017 Brazil will increase by 310 thousand tons to 2.94 million tonnes since March, will come into effect the decision of the government to increase from 7% to 8% shares of the mandatory content of biofuels in motor fuel.
Precipitation is held in Argentina, putting pressure on soy prices, but profit-taking in Malaysia, adversely affected the price of palm oil.
Chicago SOYOIL $768,97 forecast to be minus 4.6
SOYOIL EU euro tonne fob ex-mill Jan17 840.00 -25.00
SUNOIL EU: (23.12)
USD/tonne ex-tank six ports option
Feb17/Mar17 820.00 -10.00
CRUDE PALM OIL (23.12)
Sumatra/Malaysia slrs option
Jan17 797.50 +5.00