Another drop in oil prices weighed on markets vegetable oils

2020-10-02 12:18:19
Machine translation
Another drop in oil prices weighed on markets vegetable oils

Yesterday's drop in oil prices has significantly affected the markets for palm and soy oil, which gradually recovered after the collapse in late September.

 

the oil Price first reacted on the increase countries, strengthened the quarantine restrictions and the growth of the number infected, and the likely reduced demand on the background of increasing production, particularly Libya.

 

the December futures for Brent crude on London's ICE Futures exchange fell yesterday by 4% to 40.5 $/barrel, while the November futures for oil WTI on the new York stock exchange dropped 4.6 percent to 38.35 $/barrel.

 

Libya increases oil production and 80 thousand barrels/day in early September, has already increased it to 300 thousand barrels/day and an estimated traders can bring it up to 1 million barrels/day.

 

Futures on palm oil exchange in Malaysia on Thursday with the support of the markets of corn, wheat and soybeans in the U.S. increased by 2.8% to 2789 Ringgits/t or 672,21 $/t. They were supported by data from the Association of palm oil South of the Peninsula (SPPOMA), according to which palm oil production in September decreased compared with August by 1.44%, while SGS estimated exports increased by 11.2% to 1.61 million tons.

 

Futures soybean oil in Chicago after oil prices fell by 2% to 707,7 $/t

 

Processing of soybeans in August amounted to 4.75 million tons, which is inferior to expert expectations, and just 2019/20 Mr reached 58.9 million tons, while the USDA estimated it at 59.3 million tons.

 

the Argentine Government plans to reduce export duties on soybeans and soybean meal 3% to 305 that stimulate exports and foreign exchange earnings. Precipitation improved conditions for sowing of soybean and sunflower in the country, which will increase manufacturers export sales.

 

Prices on Argentine soybean oil, according Agrisensus, fell to 20 $/t 785 $/t

 

Prices for Ukrainian sunflower oil grew back to 900-910 $/ FOB in the background of the rise in prices of soybean complex, but the bid price remained at the level of 850-860 $/ FOB, especially after yesterday's decline in futures on soybean oil.

 

Caused by the rains delayed harvesting of sunflower increases demand, resulting in purchase prices again increased by 300 UAH/t to 12800-13200 UAH/t with delivery to the plant.

Visitors’ comments (0):