Egyptian GASC bought a large batch of soybeans and oil and abandoned sunflower oil

On November 25, the state – owned Egyptian operator GASC held international and domestic tenders for the purchase of vegetable oils, where it purchased an unexpectedly large batch of soybean oil-69 tons at once with the planned 30 thousand tons, but refused to purchase 10 thousand tons of sunflower oil due to the high price of offers. At the same time, the price of imported soybean oil was 4 42/ton higher than local oil.   

On international at the tender, GASC purchased 30 thousand tons of soybean oil from ADM for delivery in January at a price of C 1,468/ton CFR, which corresponds to the purchase price at the previous tender of October 20, but is 7 78/ton higher than the purchase price of the tender of October 5, and 1 158,78/ton – the auction price of September.

On internal GASC purchased 39 thousand tons of soybean oil from 6 local companies for delivery in January at a price of C 1,426.4/ton CFR, which is 3.5% or 4 48.61/ton higher than the purchase price of the previous domestic tender of November 16, where only 8 thousand tons of soybean oil were contracted.

Due to too high offer prices, GASC refused to purchase sunflower oil, although on November 16 it purchased 12 thousand tons of sunflower oil for delivery in January at a price of C 1,425/ton CFR.

Against the background of a significant volume of soybean and soybean oil offers on the world market, importers who are not ready to overpay for quality are increasingly buying the most affordable and cheap soybean oil.

February palm oil futures on the Malaysian stock exchange rose to 4,927 ringgits/ton or вчора 1,164/ton after falling at the beginning of the Week yesterday, which corresponds to the level of two weeks ago.

Prices of offers of Ukrainian sunflower oil for delivery in December – January increased to F 1420-1440/ton FOB against the background of a shortage of sunflower offers from producers who expect further price increases.