Soybean oil prices rose sharply again

The rise in oil prices last week to a two-year high provided strong support to vegetable oil markets, which resumed growth again. July soybean oil futures rose the most in Chicago, which once again updated the record.

Palm oil futures in Malaysia were also actively rising in price at the end of the week, which contributed to the recovery in demand for Ukrainian sunflower oil, whose prices have recently fallen significantly.

On the Chicago Stock Exchange, after a slight decline on Thursday, July soybean oil futures on Friday amid low stocks and good demand rose immediately by 6.1% to a record рекорд 1,614/ton, and December – by 6.7% to.1,458/ton, adding 24% in price since the beginning of May. The forecast of high temperatures in the United States in the coming week, especially in the north-west of the country, increases concerns about the fate of the future soybean crop, to which prices immediately react with speculative growth.

In Argentina, soybean harvesting is being completed, and 42.44 million tons of oilseeds have already been threshed from 96.6% of the area, which corresponds to the projected 43.5 million tons, although some analysts expected the harvest to be 45 million tons.

August palm oil futures on the Malaysian stock exchange rose 1.6% on Thursday, but fell 0.7% on Friday to 4,129 ringgit/ton, or.1,000/ton, adding 3.4% of the price for the week as a whole. The growth of quotations limits the decline in export rates against the background of forecasts of increased production and increased stocks.

Prices for sunflower oil under the pressure of low demand fell to F 1,400/ton FOB, and they were not supported even by the sharp growth of neighboring soybean and palm oil markets. The greatest activity is observed when trading sunflower oil from the new crop, which is offered at about F 1200/ton FOB.

Prices for Argentine soybean oil remain in the range of F 1300-1350/ton FOB, which allows customers to choose between Sunflower and soybean oil.

On the Dalian stock exchange on Friday, palm oil futures fell 2.4% to.1,242/ton, and soybean futures fell 2% to. 1,397/ton.