Prices for rapeseed and soybean oil have new factors supporting

Futures soybean oil in Chicago yesterday rose 2.5% to a monthly high of 637,3 $/ton after prices for soybeans, which warmed up the news about the resumption of trade negotiations between the U.S. and China next week, as well as on the resolution of the government of the PRC for 5 private processors to buy 3 million tons of soybeans from the United States without duties.

the Minister of Finance of the USA Stephen Mnuchin trade representative Robert Lighthizer next week in China will try to solve disputes between countries. The permission to free purchase 3 million tons of soybeans is a step forward from the Chinese government as a trade war slows down development of economy.

the EU's Intention to increase import duties on Indonesian biodiesel from palm oil (RME) from 8% to 18% led to higher prices for rapeseed oil in Rotterdam to a maximum of 6 months and supported the prices of Argentine soybean oil that can be used for biodiesel production.

the Market of rapeseed oil was supported by news about China's purchase of Ukrainian rapeseed oil, which can lead to a reduction in exports and increase of rapeseed processing in Ukraine in the current season. According Agrisensus, China has purchased 125 thousand tons of Ukrainian rapeseed oil with delivery in September at a price of 777 $/MT FOB Ukraine, while in June the price was $ 810 $/MT FOB.

the Growth of quotations of soy and rapeseed oil supports prices on the domestic sunflower oil, which rose to 750-765 $/t FOB for shipments in August and to 700-715 $/t FOB for oil from the seeds of the next harvest.

India on Tuesday bought Russian sunflower oil with delivery in August at a price of 785 $/t CIF India, and Ukrainian sunflower oil with delivery in September at a price equivalent to 735 $/MT FOB.