Although repealed by Egypt and Turkey tenders, the price of sunflower oil continue to grow

Last week the price of soybean and sunflower oils has continued to grow, although the basis of international competitions showed the reluctance of buyers to purchase expensive oil. Despite the high volatility during the week quotes palm oil remained at the same level.

Due to a lack of offers sunflower prices of Ukrainian sunflower oil for delivery in April-may exceeded 1400 $/t FOB. However, buyers tenders prefer cheaper soybean oil, or buy a limited batch of sunflower at the lowest prices.

Egyptian GASC tender on February 18, acquired 30 thousand tons of soybean oil, the company ADM for delivery in April at a price 1084 $/t CIF, and abandoned a planned purchase of 10 thousand tons of sunflower oil due to the high price proposals, which were 1419-1426 $/t CIF, what's the difference between soy and sunflower oils reached a record 335 $/t

Turkish news Agency TMO at the tender 19 Feb gained only 5 thousand tons of sunflower oil (out of a planned 25 thousand tons) March delivery at the price of 1394$/t CIF, as prices rose to 1420-1448 $/t CIF and exceeded that of Egypt.

against the background of these tenders, bid prices of Ukrainian sunflower oil surged, but bid does not exceed 1350-1370 $/MT FOB that at the end of the week have slowed the market.

the April futures for palm oil in Malaysia during the week increased by 3%, but on Thursday fell sharply on Friday traded at 3522 ringgit/t or 872,21 $/t, which corresponds to February 15.

a Sharp drop in prices is due to the government's decision to leave Malaysia export duty on sunflower oil in March 2021 at 8% and to increase the reference price 3657 up 3977 ringgit/t, which reduces the volume of exports. If the data of the present report on exports for February 20 will be worse than expected, traders, the price drop will continue.

the March futures for soybean oil on the Chicago CBOT during the week increased by 3.9% to 1050 $/t, and the may – 3.5% to 1038 $/t on the data of the updated USDA forecasts that stocks of soybean oil and meal in the country will remain minimal until the end of 2020/21 MG, despite the increase in the forecast of areas of sowing soybeans 8.5% to 90 million acres.