Egypt acquired a record amount of vegetable oil

At yesterday's Egyptian tender GASC purchased 52,5 thousand tons of soybean and 32 thousand tons of sunflower oil with delivery in the period 1-20 may.

This is the largest volume of simultaneous purchases due to the decline in prices to two-month lows.

At auction in early March GASC refused to buy sunflower oil, and yesterday bought a batch of 32 thousand tons at a price 694 $/t CFR, which is $4 per ton lower than the purchase price in February and $10/tonne lower than prices in the beginning of the month.

it has Also been purchased 52 tons of soy oil, of which 30 thousand tons – imported, at a price 676,5 $/t CFR, 8,5 $/t lower than the purchase price in January.

Continuing fall in world prices for vegetable oils. So, sunflower oil of the black sea origin fell to 650-660 $/t FOB. Behind her, in Europe, the price of sunflower oil fell to 685-692,5 $/MT FOB for April and may futures rapeseed oil dropped by 3 €/t to 700-705 €/t FOB, June and July – 1 €/t to 696 €/t

as a Result of the devaluation of the peso and low export prices for Argentine soybean oil continue to decline and had dropped to $600/ton for shipments in may-June.

Malaysian palm oil is also cheaper, yesterday, June futures fell by 0.85 to 520,12 $/t. According to Reuters, Indonesia in February increased palm oil production in comparison with January by 6% to 3.8 million tonnes, but exports down 6% to 2.88 million tons.

against this background, futures for soybean oil in the U.S. also fell despite the increase in soybean prices after the intensification of China's purchases.