The sharp rise in prices of soybean oil will support prices for sunflower oil and sunflower
Yesterday's news about China's purchase of a large consignment of U.S. corn tore up the market and led to the rapid growth of prices for corn, soybeans and soybean oil. The return of speculative demand during the day, returned the quotes to the maximum levels reached two weeks ago, although the fundamentals have not changed, and the improving weather in South America improves prospects for harvest of soybeans and corn.
Carriers of Argentina on Monday stopped the strike, disappeared the next factor supporting the price of soybean oil, which are currently around 950-970 $/t FOB.
Yesterday on the stock exchange in Chicago March soybean futures rose 3.7% to 508,5 $/ton, soybean meal 2.3% to 485 $/t, for soybean oil – by 3.5% to the highest in the past 7 years 983 $/t
the futures on palm oil exchange in Malaysia remain low under pressure of reduced demand and increased production, although rose yesterday by 0.7% to 3266 Ringgits/t or 807 $/t
In the second half of January palm oil production in Malaysia increased in comparison with December, although exports continued to decline.
Rise in price of soy oil supports prices for Ukrainian sunflower oil at the level of 1260-1280 $/t FOB.
a Decline in prices for vegetable oils last week and a further fall in purchase prices for sunflower seeds have led to a decrease in sales by manufacturers, so the refiners have been forced to keep prices at a high level 21600-22000 UAH/t with delivery to the plant. However, following the price spike in soybean oil purchasing prices for sunflower increased to 21600-22300 UAH/t or 770-790 $/t with VAT, with delivery to the port.