Prices for vegetable oil continued to decline

on Thursday, the world prices of essential plant oils continued to decline despite the slight growth of quotations of palm oil.

Futures on palm oil exchange in Malaysia rose on Wednesday to 2915 Ringgits/t or 718,85 $/t on the rumors about a possible decline in India's import tariffs on vegetable oil. However, experts believe that crude palm oil will not fall into the list of oils, which will reduce import duties.

In the last few days the price of Brent crude fell 3.5% to 62,28 $/barrel that also puts pressure on the vegetable oil markets. Since the beginning of December the price of crude oil fell by 7.6%.

Futures for soybean oil in the United States per day fell by 2.3% to a five-week low 716 $/t

Prices for Ukrainian sunflower oil decreased slightly due to the pressure of volatile markets, palm and soybean oil. Of demand price for March supplies of Ukrainian sunflower oil decreased by 5 $/t to 760 $/MT FOB, while prices remained at the level of 770-788 $/t FOB.

Egyptian operator has bought the tender of 60 thousand tons of soy and 41 thousand tons of sunflower oil on the basis of C&F delivery, March 3-17, namely:

the

18 thousand tons of sunflower oil from ADM company at a price of 802 $/t,

12 thousand tons of sunflower oil from the company Hakan Agro and 11 thousand tons of sunflower oil from the company Tradefield at a price of 806 $/t

• 30 thousand tons of soybean oil at the company Hakan Agro and 30 thousand tons of soybean oil from ADM company at a price 878,69 $/t,