The price of palm oil rose to 700 $/t
Rapid rise in palm oil, the cost of which perevyshina prices of American futures for soybean oil continues to heat the vegetable oil markets.
the Main driver of growth remains strong demand from China, which in November increased compared to November 2018, the import rolinda oils on 70,3% and soy – 53.8%.
outbreaks of ASF for the year has reduced the number of pigs in China by 41% and November was the first month when it in comparison with the previous month increased by 2%. This has increased the demand for feed for pigs, which in November rose compared with October by 7%.
the Fifth in a row sees more expensive palm oil exchange in Malaysia. Yesterday February futures rose 1.5 percent to the highest since February, 2017 level - 2902 Ringgits/t or 697,76 $/t due to the possible slowdown in production. Prices are rising despite the decline in palm oil exports in November compared with October by 7.4% to 1.52 million tonnes (according to SGS).
the January futures for soybean oil in Chicago yesterday rose to 700,63 $/t, but at the end of trading, slipped to 698,6 $/t
Prices of soybean oil in Argentina increased by 10-13 $/ton to 741,25 $/t FOB Up River through the uncertainty of the export policies of the new government.
the bid Prices for Ukrainian sunflower oil grew by 5-10 $/t to 755,760 $/t FOB, with the support of rising prices for Argentine soy and sunflower oil and stable demand from the main buyer – India.
strong demand led to higher prices for Ukrainian sunflower oil in the Indian market before 802 $/t CIF for shipments in January and 812,5 $/t CIF in February. Traders do not see sense in purchase India expensive palm oil and believe that she would prefer soy or sunflower, so in the near future, expect price adjustments on palm oil.
amid rising prices for vegetable oils Egyptian GASC announced a tender for the purchase of 30 thousand tons of soybean and 10 thousand tons of sunflower oil with delivery in the period 20 January – 5 February, which will be an additional indicator of price.
