At the tender in Egypt, the purchase price of sunflower oil rose again, while the price of soybean oil remained almost unchanged compared to the previous tender

The Egyptian General Authority for Supply Commodities (GASC) held an international tender on June 13 for the purchase of 40,000 tons of vegetable oil with delivery from July 20 to August 5 and/or from August 15 to 31, 2024. The tender aimed to contract 30,000 tons of soybean oil and 10,000 tons of sunflower oil with immediate payment.

Compared to the previous tender on May 9, the number of submitted offers sharply increased, but so did the offer prices. There were 17 offers of sunflower oil at prices ranging from $1085 to $1163 per ton C&F, which is $85-100 per ton C&F higher than the previous tender. There were also 13 offers of soybean oil at prices ranging from $1045 to $1155 per ton C&F, which is $50-80 per ton higher.

As a result, GASC purchased only 5,500 tons of sunflower oil at a price of $1073.9 per ton C&F, which is $73.9 per ton more than in May, and 17,000 tons of soybean oil at a price of $1003 per ton C&F, which is only $7 per ton more than in May. However, it is important to note that the payment terms are immediate after delivery, unlike the previous tender which had a 180-day payment period:

- 5,500 tons of sunflower oil from Mahsul Trading with delivery from July 20 – August at a price of $1073.9 per ton C&F;
- 12,000 tons of soybean oil from Mahsul Trading with delivery from July 20 – August at a price of $1003.0 per ton C&F;
- 5,000 tons of soybean oil from Posco Int with delivery from August 15-31 at a price of $1003 per ton C&F.

It should be recalled that on May 9, GASC purchased 73,000 tons of sunflower oil at a price of $1000 per ton C&F and 29,000 tons of soybean oil at a price of $994 per ton C&F with payment within 180 days. On March 28, GASC purchased 28,755 tons of sunflower oil at a price of $930 per ton C&F and 18,000 tons of soybean oil at a price of $1050 per ton C&F. On February 18, 60,250 tons of sunflower oil were purchased with payment within 180 days at a price of $920 per ton C&F, which was $20 per ton higher than the purchase price at the tender on January 18.

According to Trading Economics, between the tenders on May 9 and June 12, the average price of sunflower oil with delivery to buyers increased by 10% to $935 per ton.

During the same period, July soybean oil futures in Chicago rose by only 2.6% to $965 per ton.