Palm oil prices rose by 5% following the soybean and sunflower oil markets

< span style="font-size:14px;" > in the vegetable oil markets, there is a situation when prices for one oil or another rise sharply, are fixed at a high level and pull up prices for other oils. After a sharp jump in soybean oil prices on Monday, yesterday they fell against the background of profit-taking, but now palm oil prices have increased by 5%.

< span style="font-size:14px;">July Brent crude futures after reaching the level of 7 70/barrel yesterday on the news of progress in negotiations between the United States and Iran on a nuclear deal fell by 2.5% to 6 68/barrel. If the deal is concluded, sanctions on Iranian oil and gas exports will be lifted, and oil production in the country will grow to 1.5 million barrels/day within a few months.

< span style="font-size:14px;">at the Chicago SWOT, July soybean oil futures rose to 1 1,542/ton for the first time since March 2008 at the start of the session on data on the reduction of US oil reserves yesterday. However, against the background of lower oil prices, traders began to take profits, and at the end of the session, futures fell to 1 1,505/ton, which is 1.5% lower than Monday's level.

< span style="font-size:14px;" > in the physical market, prices for Owl oil from Argentina and Brazil increased to F 1350-1400/ton FOB, so the difference with prices for sunflower oil decreased.

prices for Ukrainian soybean oil have increased to 1 1500-1550/ton with delivery to the border and almost reach the level of prices for sunflower oil, which, depending on the terms of delivery, is offered at 1 1535-1580/ton. < / span> < / p>

< span style="font-size:14px;">palm oil remains the cheapest on the market, which contributes to the growth of demand, and, accordingly, stock quotes. August futures on the Malaysian stock exchange rose 5% yesterday to 4,457 ringgit/ton or.1,080/ton on the back of a 19% increase in exports in May compared to April and a reduction in production volumes.

< span style="font-size:14px;" > the difference between prices for vegetable oils is gradually decreasing and may reach last year's 15-16%. Currently, the spread between Sunflower and soybean oil is 3-5%, and between soybean and palm oil – 25-30%, which indicates inflated prices for soybean oil.

yesterday on the Dalian Stock Exchange, soybean oil futures rose 2.6% to 1 1,419/ton, and palm oil futures rose 2.3% to 1 1,267/ton. < / span> < / p>

< span style="font-size:14px;" > against the background of rising prices, importers restrain purchases, which limits further increase in quotations. Therefore, prices for sunflower oil, despite the shortage of offers at the end of the season, stabilized at 1 1,550/ton, although they recently reached F 1,700/ton FOB.

< span style="font-size:14px;" > in India, the number of COVID-19 diseases is still 265-300 thousand people/day, and 4329 people died over the past day.