Prices for palm and soy oil are growing
the Seasonal increase in September palm oil production in Malaysia and Indonesia led to the fall of the October palm oil quotations, in 646-650 $/t FOB Malaysia.
However, due to the increased demand from China and India, the Malaysian export of oil in October grew by 8.6%. On the background of rise in price of oil, which has crossed the psychological level of $60/barrel, this caused the increase in the cost of the November futures of palm oil by 16 $/t to 665 USD/MT FOB Malaysia.
Soybean oil in the United States for two weeks has risen from 745 to 772 $/t due to the increase in import duties on Argentine soybean oil, which is used in the production of biofuels.
In Europe, the price of sunflower oil for the week rose to $ 795 / t EXT NW Europe. Delivered in November.
Prise in price of oil caused a rise in prices for oilseeds. Rapeseed on Euronext grew to 370 €/t or 429,76 $/ton, and canola in Chicago rose to 520,6 CAD/t or 405,4 $/t
In Ukraine, the price of canola at the port remain at 420 $/MT, but traders almost ceased its purchase.
Exports of rapeseed in the current my, rose to 1.68 million tonnes, down 0.7 million tons on the corresponding date last season, while the export forecast of the season 2017/18 is 1.7-1.8 million t
soybean Exports declined to 0.3 million tonnes, down from 0.39 million tonnes in the same period last year.
the Price of soybeans at the port remains at 360-365 $/MT for soybeans with GMOs and 385-393 $/t for soybeans non-GMO.