Prices for vegetable oils have started to recover

Prices for vegetable oils rise on the confirmation from different sources about the procurement of the first huge batch of 2 million tons of U.S. soybeans by two Chinese state companies. In General, the sources reported about the plans of China to purchase in the near future 5 million tons of U.S. soybeans for delivery in January-March 2019года.

This information continues to support the price of soybeans which traded at 342$/t, but the greatest growth showed the prices of soybean oil, which in two days rose 1.7% and is trading in Chicago at the level of the$645/ton.

After soybean oil began to rise prices for palm oil, which quotations from the beginning of the week grew up in Kuala Lumpur is 1.7% and is trading at 486,01 $ / t in February.

In connection with a reduction in the pace of palm oil exports from Malaysia in November to 1.37 million tons, which is 12.9% less than in October, ending stocks of palm oil in the country has exceeded 3 million tons, which is 10.5% higher than the previous month and also higher than in the same period last year 2.5 million tons and reached the highest rate in the last 18 years.

Prices for Ukrainian sunflower oil also continues to rise with the beginning of the week prices for delivery in January rose to 640 $ / t FOB compared with 630 -635 $ / t FOB a week ago .

the Increase in volumes of sunflower seed processing in Ukraine is 11% contributes to the increase of sunflower oil exports, whose export from the beginning of the season at the end of November reached 1,366 million tons.

a Huge competition in the market of vegetable oils continues to put pressure on prices of sunflower oil, which is usually 30-50доларів more expensive than soybean oil, but the market continues to be under pressure offers cheap palm oil that is trading below $ 500 per tonne due to the increase in production in Malaysia and Indonesia.