The news about a new vaccine against Covid-19 led to a rise in oil prices and vegetable oil

2020-11-17 12:05:52
Machine translation
The news about a new vaccine against Covid-19 led to a rise in oil prices and vegetable oil

Yesterday the company Moderna said that she created the vaccine from Covid-19 has an efficiency of 94.5%, maybe up to 6 months stored at -20oC, and up to 1 month in the refrigerator at temperature +2...+8oC, whereas the Pfizer vaccine has 90% effectiveness and can be stored only at -70...-80 oC.

 

This news led to a rise in oil prices and indices on US exchanges on 0,8-1,6%. The January futures for Brent oil rose by 3.7% to 44.3 $/bbl, while futures for WTI - by 3.84% to 41.67 $/barrel. Hope for a speedy recovery of business activity exchange support, although the vaccine will not until the first half of 2021г.

 

Markets also supported the statement by Biden that strict quarantine to prevent the spread of coronavirus in the United States will not be introduced.

 

According recyclers Association NJPA volume of soybean processing in the United States in October reached a record 6.8 million tons, while experts estimated it at 6.5 million tons.

 

against this background, the December futures for soybean oil rose 1.5% to 828 $/t, while soybean futures rose 1.3% to 427,8 $/t due to shortage of rain in South America and new purchases of soybeans by China.

 

Futures on palm oil exchange in Malaysia fell 0.5% to 3283 Ringgits/t or 798 $/t for data on the reduction of exports. According to experts AmSpec Agri Malaysia in the first half of November, Malaysia has reduced in comparison with the similar period of Oct palm oil exports by 12% from 763,7 to 673.9 thousand tons

 

At the same time, palm oil production for the period decreased by 16%, reported in the southern Association of palm oil producers.

 

Reduction in demand for palm and sunflower oil from India, which began to buy soybean oil from USA and Argentina, inhibits the growth of prices.

 

amid low demand, the prices of Ukrainian sunflower oil will remain at the level of 1050-1100 $/t FOB.

 

In the EU after a sharp rise in the price of rapeseed 407,75 €/t or 483 $/t of rapeseed oil quotes reached the level of 900 €/t, while the demand for fuel ahead of the quarantine remains low.

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