The fall in oil prices by 6% lowers the price of vegetable oil and canola

Yesterday, August futures for Brent oil fell by 6% to $40/barrel and WTI crude oil - by 5.8% to 37.8 $/barrel after the publication of the US Department of energy data on the increase in domestic oil reserves of up to 540 million barrels, which again reached a record figure. For the first time in 11 weeks, oil production in the U.S. grew by 500 thousand barrels to 11 million barrels a week.

the Increase in oil reserves shows that the US economy is recovering more slowly than expected. Traders also concerned about the increasing number of diseases Covid-19, which can lead to the introduction of new quarantine restrictions. For a week the number of new cases rose by 30%, on what have responded US stocks. The Dow Jones index fell by 2.72% to 25445,94 p., S&P 500 by 2.59% to 3050,33 p, and Nasdaq up 2.19% to 9909,17 p.

Futures on palm oil exchange in Malaysia fell yesterday by 1.2% to 2436 Ringgits/t or 570,49 $/tonne following a sharp fall in oil prices. Analysts expect the data on palm oil exports for 25 days in June will confirm a slowdown in exports, so the prices are gradually falling.

Futures for soybean oil in the U.S. fell 2.3% to 624,5 $/t for the possible decline in demand, however, prices for soybeans fell slightly because of the rumors of new purchases of soybeans by China with the United States.

the price of rapeseed on Euronext Paris collapsed yesterday at 4.25 €/t to 377 €/t, and due to the depreciation of the Euro against the dollar to 1,125 $/€ dollar price went down $8/t to 424 $/t canola Futures fell by only 0.8% to 470 CAD/t or 344,6 $/t

the Purchase price of rapeseed in Ukraine increased yesterday morning in port before 415-420 $/t, but today will begin to fall under the pressure of falling oil prices and rapeseed.