Egyptian GASC purchased 36,600 tons of sunflower oil, $4/t more expensive than in July

On August 7, the Egyptian GASC held an international tender for the purchase of 40,000 tons of vegetable oils, including 30,000 tons of soybean oil and 10,000 tons of sunflower oil, with delivery from October 15 to November 15 and immediate payment.

Compared to the previous tender (July 18), the number of submitted offers for sunflower oil increased from 10 to 14, and prices decreased from $1,054-1,163 to $1,050-1,095/t C&F, with Russian exporters most actively lowering prices. Soybean oil offers decreased from 10 to 8, and prices fell from $1066-1110 to $1005-1092/t C&F.

As a result, GASC purchased 36,600 tons of Moldovan and Russian sunflower oil at a price of $1,018/t C&F (which is $4/t higher than the purchase price at the July 18 auction), namely:

• 12.6 thousand t in the company TOI Commodities with delivery on October 15-31,
• 12 thousand t in the company Green Suppliers with delivery on October 15-31,
• 12 thousand tons at Aston Agro Industrial with delivery on November 1-15.

At the same time, GASC refused to buy soybean oil, although its price was lower than sunflower oil.

We remind you that earlier GASC acquired:

• July 18 – 20,000 tons of sunflower oil at a price of $1,013.99/t C&F,
• June 13 – 5.5 thousand tons of sunflower oil with immediate payment at a price of $1,073.9/t C&F,
• May 9 – 73 thousand tons of sunflower oil at a price of $1,000/t C&F and 29 thousand tons of soybean oil at a price of $994/t C&F with payment in 180 days,
• March 28 – 28,755 thousand tons of sunflower oil at a price of $930/t C&F and 18 thousand tons of soybean oil at a price of $1,050/t C&F,
• February 18 – 60.25 thousand tons of sunflower oil with payment in 180 days at a price of $920/t C&F, which was $20/t higher than the purchase price of the January 18 tender.

Between tenders on July 18 and August 7, the average price of sunflower oil delivered to buyers fell 0.8% to $896/t, while December soybean oil futures in Chicago fell 8.2 % to $903/t, and October palm oil futures in Malaysia - by 6% to $820/t.