The rise in the price of palm oil has led to an increase in prices for sunflower oil and sunflower
Yesterday, December palm oil futures on the Malaysian stock exchange rose 2.2% to a record 4,955 ringgit/ton or 1 1,198/ton on the back of lower-than-expected palm oil stocks at the end of September.
The rise in the price of palm oil led to an increase in prices for sunflower oil to 1 1350-1400/ton FOB and, accordingly, for sunflower in Ukraine.
According to the Palm Oil Council of Malaysia (MRO), in September, palm oil reserves in Malaysia decreased by 7% to 1.75 million tons compared to August, production – by 0.4% to 1.7 million tons, while exports increased by 37% to 1.6 million tons. at the same time, experts expected that reserves would decrease by 0.36% to 1.87 million tons, production would grow by 2.8% to 1.75 million tons and exports – by 40% to 1.63 million tons.
The speculative rise in the price of palm oil increases the demand for other vegetable oils, which allows traders to raise prices for Black Sea sunflower oil.
Processors are increasing their sunflower stocks due to high prices at the beginning of the season and increased supply as the harvest progresses, but they may soon face implementation challenges. They have already been tested by soybean processors, who cannot sell meal and oil due to very low prices in Europe.
After the decline last week, purchase prices for sunflower resumed growth and increased by 200-300 UAH/ton to 18800-19200 UAH/ton with delivery to the plant for oil 46-47%, and a premium for higher oil content. Dry weather next week will speed up the harvesting of soybeans and sunflowers, so as warehouses fill up at processors and grain elevators, prices will start to fall.
Exporters reduced the purchase prices for soybeans with GMOs in ports to 5 520-530/ton or UAH 15,800-16,000/ton , after which processors lowered them to UAH 16,300-16,700/ton amid a sharp increase in supply.
December soybean oil futures at Chicago SWOT peaked on October 7, after which they fell 2.6% to.1,333/ton, following soybean prices, which are under pressure from an increase in US harvest forecasts.
