The purchase price of sunflower oil in Egypt fell by 57 $/t

2020-03-20 12:14:22
Machine translation
The purchase price of sunflower oil in Egypt fell by 57 $/t

Global prices for sunflower and soybean oil this week fell to multi-year highs following the collapse of crude oil prices, which fell to the lowest since 2003 level, on the background of panic on the financial markets caused by the pandemic virus Covid-19.

 

To tender on 20 March, the Egyptian GASC bought 120 thousand tons of vegetable oils:

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the company Glenkore 60 thousand tons of sunflower oil with delivery in the period 20 may to 10 June at a price 676,5 $/t, which is 8% lower than the previous tender.

  • the company Hakan Agro 30 thousand tons of soybean oil for delivery in the period 20 may to 10 June and 30 thousand tons of soybean oil for delivery in the period of 15 June-5 July price 634,5 $/t, which is 12% lower than at the previous auction,

 

Futures soybean oil in Chicago yesterday rose 2% to 575 $/t for a possible stop processing in Argentina, caused by the quarantine.

 

the Mayor of one port town in Argentina has decided to close the port to stop the spread of the virus Covid-19, which made it impossible for the supply of raw materials at the local recycling plant although earlier the President of Argentina and Governor of Santa Fe reported about the support of industry and a reluctance to halt the enterprise.

 

Despite the rise in oil prices by 20%, may futures for palm oil in Malaysia fell yesterday by 1% to 2216 Ringgits/t or 502,2 $/t due to a sharp drop in demand.