The rise in oil prices supported the markets, soybean and palm oil

2021-03-05 12:06:31
Machine translation
The rise in oil prices supported the markets, soybean and palm oil

the price of oil yesterday continued growth, which began on Wednesday, after member countries of the OPEC+ decided to keep oil production unchanged, but planned to increase production by 0.5 million barrels/day to move from April to may.

 

Over the two days of futures for Brent crude rose by 7.6% to 67.4 $/barrel, while the may futures for WTI – 8.6% to 64.4 $/barrel.

 

is Usually the change in oil prices react more quotes palm oil, which is preferably used in biodiesel production, but yesterday the may futures of palm oil on the stock exchange in Malaysia grew by only 1.4% to ringgit 3731/t or 920 $/t on weak export demand.

 

is Much stronger than the increase in oil prices reacted quotes of soybean oil on the Chicago CBOT, which within the session up 2.8%, or 40 $/t, and by the end of trading dropped to 1120 $/t, which is the maximum of the last 7 years and 1% up on yesterday's price level.

 

On the stock exchange in Dalian futures of palm oil rose 1.9% to 1159 $/t FOB, and soybean by 2.4% to 1395 $/t FOB.

 

Dry weather in Argentina is projected for the next week, increase the concern regarding the fate of the soybean crop and can lead to lower estimates of production.

 

At yesterday's tender Egyptian GASC once again refused to purchase expensive sunflower oil, however, purchased for delivery in April, with two batches of 30 thousand tons of imported soybean oil at a price of 1080 $/t CFR and party 18 thousand tons of soybean oil produced locally at a price 1144 $/t CFR, which is slightly lower than the previous bid.

 

In Ukraine and the lack of sunflowers and growth of world prices for soy and palm oil sellers raised prices of sunflower oil with delivery in the second quarter of $30-50/ton to 1550-1570 $/t FOB.

 

Today will be known, would the buyers to raise the price of demand, in view of the refusal of Egypt from the purchase of sunflower oil and activation procurement Argentine soy oil in Indian importers.

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