The price of sunflower and soybean in Ukraine falls despite the rise in prices of vegetable oils

Global prices of vegetable oils rise on background of economic recovery in the United States and projections of increased demand for oil, as well as news about the successful test of a vaccine from Covid-19. However, in Ukraine, purchasing prices for sunflower and soybeans lowered the accumulation of adequate reserves from refiners of raw materials and the suspension of purchases by individual companies.

Statement of the American company Moderna about the transition in July to the final stages of testing the vaccine Covid-19 and the message of the company Sorrento Therapeutics on the discovery of antibodies that can completely block coronavirus and for 3 days take it out of the body, increased confidence in imminent victory over the virus.

against this background, in two days, the quotes of Brent crude oil increased by 4.3% to 36,47 $/barrel, while June futures for WTI by 4.1% to 33.9 $/barrel.

After 5 days of growth the futures of palm oil in Malaysia yesterday fell 1% to 2159 Ringgits/t or 496,78 $/t for data on increasing the production 20 days of may compared to April by 11% to 772 thousand tons.

Futures for soybean oil in the United States yesterday increased by 0.9% to 601,4 $/t, approaching month high.

Ukrainian sunflower oil gradually becomes more expensive due to the shortage of proposals, because most major refiners have already contracted volumes until the end of the season and acquired the necessary quantity of raw materials and the possibility to increase the processing capacity no.

Due to increased demand from China demand prices for sunflower oil rose to 730-740 $/ton for shipments in July-August.

the Purchase price of sunflower since the beginning of the week decreased by 200-300 UAH/t to 11000-11700 UAH/t with delivery to the plant, because some processors have enough stocks of seed and stopped purchasing, which reduced competition in the market.

Reduced export demand for soybean meal and oil reduces the number of enterprises engaged in processing of soybeans, therefore, the purchase prices have dropped from 12600-12800 UAH/t with delivery to the plant to 12500-12600 UAH/t

Exporters offer 345-355 $/MT for soybeans with GMOs and 375-395 $/t for soya without GMO, however, the proposals are almost absent, because the processors ' purchase prices equivalent to the level of 40-410 $/t at the port.