Soybean oil futures updated 13-year high

May soybean oil futures on the Chicago Stock Exchange are rising for the eighth consecutive session, and have gained more than 22% since April 12. Yesterday, they rose by another 3.8% to 1 1,391/ton, and in December - by 1% to.1,115/ton, having risen in price by 10% over the past 10 days.

The increase in prices is due to a decrease in soybean stocks in the United States, a delay in sowing, which may lead to a decrease in sowing areas, as well as a reduction in the supply of canola oil from Canada and soybean oil to the United States against the background of a projected increase in biodiesel consumption in the summer after the lockdown is completed.

The market supported the speech of President Biden, who announced his intentions to halve emissions in the United States by 2030 and increase support for green technologies. However, traders do not take into account that the main focus will be on the development of electric transport, which in the near future will reduce the consumption of fuel, including biofuels.

Rising food prices have already forced the European Commission to draft a law that will exclude the production of biodiesel from corn and rapeseed from the list of green energy, which will reduce tax incentives for producers.

May soybean futures rose 2.4% to 5 563.3/ton yesterday (up 9% during the week), and November futures rose 2.1% to.491.6/ton.

Weekly soybean exports from the United States amounted to only 64.3 thousand tons, as China abandoned the previously purchased 51 thousand tons and completely switched to the purchase of Brazilian soybeans.

Rains in Argentina delay harvesting of soybeans, which are threshed only on 18.5% of the area. Bage experts left the production forecast at 43 million tons.

June palm oil futures on the Malaysian stock exchange rose 2.5% again yesterday to 3,989 ringgit/ton or 9 969/ton.

On the Dalian stock exchange, palm oil rose by 1.2% to 1 1,158/ton, while soybean oil rose by 1.2% to.1,323/ton.

In Ukraine, sunflower oil supply prices rose to 1 1,585-т 1,600/ton FOB, but demand prices remained at F 1,550/ton FOB, as they are held back by low purchasing activity from India, where the Covid epidemic is intensifying. During April 22, 314,835 people fell ill with coronavirus, and 2,023 people died, which is the highest figure since the beginning of the pandemic. Hospitals do not have enough beds, oxygen and medicines. And in Delhi, There are no places for patients even in the corridors.

In addition, new, yet unexplored mutations of the virus have been identified in the country, and vaccination is very slow, although India is the world's largest producer of vaccines.