Prices for palm and soybean oil increased by 3.4 and 4%

After the decision of OPEC+ countries not to increase oil production, prices for it continued to rise, and December Brent futures on the London ISE exchange reached a record 8 83 barrel, which provided additional support for palm oil quotes, which rose in price against the background of reduced reserves.

December palm oil futures on the Malaysian stock exchange rose 3.4% yesterday to 4,738 ringgit/ton or.1,136/ton, a new record, on forecasts for a decrease in palm oil reserves in the country at the end of September and ahead of the release of official data from the Palm Oil Council (MRO), which will be released on October 11.

December soybean oil futures on the Chicago Stock Exchange, following palm oil prices and at the results of the tender in Egypt yesterday, rose by 4.2% to 1 1,350/ton, adding 6% for the month.

Egyptian GASC purchased 36 thousand tons of imported soybean oil at the tender for delivery on November 25 – December 20 at an average price of 1 1389.8/ton CFR, which significantly exceeds the purchase price at the tender in September, when 10 thousand tons of soybean oil were purchased at a price of 1 1310/ton CFR. At the same time, GASC refused to purchase sunflower oil, as the offer prices were 1 1,391/ton CFR, while on September 2, a batch was purchased at a price of C 1,240/ton CIF.

With the support of the palm and soybean oil markets, supply prices for Black Sea sunflower oil rose to 1 1,350-т 1,370/ton FOB, but demand prices remain at F 1,300/ton FOB, and the results of the Egyptian tender will further increase pressure on quotes.