Purchase prices for sunflower seeds in Ukraine fell sharply

2020-02-27 12:04:04
Machine translation
Purchase prices for sunflower seeds in Ukraine fell sharply

Spread coronavirus on the planet increases the concerns of lower global demand, leading to a further decline in oil prices, vegetable oil and agricultural products.

 

the prices of sunflower seeds very quickly reacted to the cheaper sunflower oil. Since the beginning of the week, refiners have lowered the purchasing prices on sunflower 400-500 UAH/t to 10100-10300 UAH/t with delivery to the plant as a result of falling export demand prices for sunflower oil following the markets for palm and soy oil.

 

Yesterday's data on the increase in the number of countries where cases of the disease Covid-19, led to the collapse in oil prices Brent crude 4.3% to 52.7 $/barrel.

 

Starting Monday the price of palm oil has lost 8.3 percent. May futures on palm oil exchange in Malaysia yesterday, fell 0.8 percent to the lowest since October 29, the level of 2419 Ringgits/t or 572,61 $/t. Further pressure on prices strengthening of the Malaysian ringgit against the dollar.

 

May futures for soybean oil in Chicago yesterday fell by only 0.7% to 648,1 $/t because they were supported by the news about the intentions of the government of Argentina the following week to raise export duties on agricultural produce, for which registration of export contracts was temporarily suspended.

 

the Falling prices for palm oil reduces export demand for Ukrainian sunflower oil. Buyers waiting for further price declines stop purchasing.

 

the prices of the domestic demand for sunflower oil fell to 680 $/t FOB, while the price proposals remain at the level of 690-710 $/t FOB depending on the delivery time.

 

Indian buyers are also reduced demand for Ukrainian sunflower oil, although stocks of vegetable oils in the country are reduced.

 

the vegetable oil Markets in the near future can support the intentions of the government of Indonesia to support a program for the production of biodiesel to increase the export duty on palm oil, which now does not exceed 50 $/t

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