The price of palm oil fell 4% after oil quotations

On the news of increased production and oil reserves in the US prices for Brent crude oil yesterday fell 2.6 percent to 70.46 $per barrel.

According to the weekly report of U.S. Department of energy, crude oil inventories in the country rose to the largest since September 2017 the level of 9.9 million barrels, while production reached a record 12.3 million barrels/day.

oil Prices for the week lost 5.8 percent, despite supply disruptions of Russian oil to Europe through the bad quality and the introduction of new sanctions against Iran.

Sharp fall in oil prices has led to lower prices for palm and soybean oil.

Futures on malaysische palm oil in Kuala Lumpur yesterday fell 3.1% to 2032 ringgit or 491,3 $/t, and since the beginning of the week fell 4.2% to its lowest level in the last 5 months.

the Last time this level of prices fell in December amid the maximum in 19 years of palm oil stocks. Then stocks have gradually decreased and in March fell by 4.6%. Exports in April will increase in comparison with March by 0.5-2%.

a Decline in prices for palm oil and oil presses on the market of the soybean oil may futures, which in Chicago declined on Wednesday by 0.7% and on Thursday a further 0.5% to 605,8 $/t

soybean Futures drop to fresh lows of 309.9 $/t under pressure from poor exports and concerns over the sharp increase in the acreage of soy (as corn in the United States retain the rain), what else will increase the volume of the world market.

carry-over stocks of soybeans in the U.S. in the current season will amount to 24.5 million tonnes, the uncertainty of the soybean exports to China may lead to a reduction in acreage under soybean by 5% in comparison with last year.