The price of soybean oil on the tender in Egypt increased by 6-7%

Egyptian State operator GASC yesterday closed the tender acquired a 51 thousand tons of soybean oil and the local production of 30 thousand tons of imported soybean oil at a price of 6-7% higher than the previous bid. At the same time GASC once again refused to purchase sunflower oil due to the high bid prices.

Soybean oil local manufacturers offered in the tender 1231-1260 $/t and importers – 1250 $/t and above, and bid prices of sunflower oil exceeded 1620 $/t

In the end it was purchased:

• 51 kt Egyptian soybean oil for delivery in June at a price of EGP 19265/t or 1225,51 $/t CFR, which is 82 $/t exceed the price of the previous trading session of March, when it was contracted 18 thousand tons of soybean oil produced locally,
• 30 thousand tons of imported soya oil for delivery in June (and traditional payment deferral period of 180 days) at a price of 1250 $/t CFR, which is 70 $/t exceeds the price of the previous trading the end of March.

it Should be noted that sunflower oil GASC buys for over half a year due to too high prices.

the results of the tender gave an additional impetus to the growth of stock prices of vegetable oil.

On the stock exchange in Chicago may futures for soybean oil yesterday rose another 2% to 1222 $/t, demonstrating for three days, an increase of almost 7%. The growth did not stop even reduction of volumes of soybean in the U.S. in March to 4.84 million tonnes, which is inferior to the expectations of experts and previous year.

On the stock exchange in Malaysia June futures of palm oil rose 2.1% to 3807 ringgit/t or 923 $/t on the increase of exports by 15% in the first half of April.

Futures palm oil on the stock exchange in Dalian rose 1% to 1170 $/ton, and soy remained at the level 1326 $/t

In Ukraine amid uncertainty rules further export prices for sunflower oil remain at 1560-1585 $/t FOB.