Following the rapeseed market against the background of forecasts of a decrease in the harvest in Argentina the soybean complex also rose in price

2021-04-22 12:03:27
Machine translation
Following the rapeseed market against the background of forecasts of a decrease in the harvest in Argentina the soybean complex also rose in price

Yesterday on the Chicago Stock Exchange, prices for the soybean complex continued to grow with the support of the neighboring rapeseed and canola market, as well as news about the reduction of the forecast of the soybean harvest by the official representative of the USDA in Argentina from 47.5 to 45 million tons, which corresponds to the estimates of BAGE experts.

 

May soybean futures rose 1.7% to 5 550.1/ton yesterday, adding 6.5% to the price since the beginning of the week, and November futures rose 0.8% to.481/ton.

 

At the same time, May soybean oil futures rose 4.1% to 1 1,343/ton yesterday, coming close to the record level of 2008, and December – by 1.2% to.1,104/ton.

 

Argentina in March increased the volume of soybean processing to 3.39 million tons, which slightly exceeded the previous record of 2017 of 3.36 million tons and significantly exceeds the figure of March 2020 – 2.75 million tons.

 

Prices of Argentine soybean oil increased to 1 1,250-т 1,270/ton FOB, which corresponds to the level of the beginning of March.

 

June palm oil futures on the Malaysian stock exchange rose 2.3% yesterday to 3,894 ringgits/ton or 9 945.38/ton.

 

On the Dalian stock exchange, palm oil futures rose 2.9% to 1 1,145/ton yesterday, while soybean futures rose 1.5% to.1,308/ton.

 

Following the soybean and palm oil markets, prices for sunflower oil in Ukraine rose to F 1560-1580/ton FOB, receiving additional support from the rise in the price of sunflower meal to 3 300-320/ton.

 

In order to contain the increase in domestic prices for sunflower oil and support processors, the Ministry of Agriculture of Ukraine plans to ban sunflower exports from May 15 to September 30 this year.

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