The price of sunflower oil, falling behind the market of palm oil

2021-02-04 12:07:39
Machine translation
The price of sunflower oil, falling behind the market of palm oil

behind the drop in the price of soy and palm oil Tuesday at 3% and 4% yesterday export prices of Ukrainian sunflower oil also turned down.

 

Additional factor of pressure on prices was tender in Egypt, where the Agency GASC bought only soybean oil and abandoned costly sunflower, bid prices which reached 1325 $/t CFR. So at the tender was purchased 28 thousand tons of soybean oil and the local production of 30 thousand tons of imported oil at a price 1083-1090 $/t CFR, which is 1.5% higher than the previous price of the tender.

 

Over the high prices of vegetable oils buyers increasingly prefer cheap palm oil, but the demand for it decreases.

 

the April futures for palm oil on the stock exchange in Malaysia yesterday, fell 4.9% to its lowest since January 20 - level 3226 ringgit/t or 796,7 $/t, losing a week of 7.5%.

 

Recall that according to analysts, the average price of palm oil in 2021 will be 2800-2900 ringgit/t or 690-700 $/t against the background of increasing production in the 2nd quarter and the seasonal increase in offerings of soy oil from South America.

 

Yesterday on the stock exchange in Chicago, the price of soybeans rose 1.4% to 503 $/t, followed by the March futures for soybean oil rose 0.9% d 976 $/ton, a few having played the previous fall.

 

However, at the stock exchange in China quotes of soybean oil decreased by 2.4% to 1167 $/t, and palm – 2.8% to 1003 $/t on the news about the failure of Chinese companies from the purchase of soybeans and soybean oil from South America through low refining margin.

 

behind the decline in prices for Ukrainian sunflower oil for 15-20 $/t to 1270-1290 $/t FOB, processors lowered the purchase price of sunflower in 21800-22300 UAH/t, though more recently, they have reached a record 23000 UAH/t with delivery to the plant.

 

Improvement in weather conditions in Argentina increases the potential of the soybean crop, although the sunflower is much more affected by drought, as sown earlier. Harvesting sunflower in March and soybeans in April seasonal increase the pressure on the quotes of these cultures.

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