Prices for vegetable oil continued to rise due to the rise in price of oil

Due to the inventory reduction in the U.S. growth in oil prices led to a further increase in stock prices for soybean oil and prices of sunflower oil in physical markets.

Yesterday, on the background of reduction of stocks of oil in the U.S. and stop some production sites due to the approach of a hurricane, the October futures for WTI was up 4% to 39.5 $/barrel, while the November futures for Brent crude oil – by 3.3% to 41.6 $/barrel.

Following the oil price quotation of soybean oil in the United States yesterday increased by 2.5% to 772 $/t, which is the highest level since January 780 $/t

quotation of soybean oil supported the soybean market, the price of which after previous low yesterday, recovered to 371,2 $/t, which is the highest level since June 2018, when he began the active phase of the trade war with China.

In Malaysia yesterday was a day off, therefore, the quotations of palm oil will react to the growth of markets, soybean and sunflower oil today, and continued speculative rise in prices.

In Ukraine, the ongoing panic the growth of prices for sunflower oil caused by forecasts for a sharp reduction in sunflower crop, and reduce sentences sunflower oil. Bid prices for the next delivery increased to 1050 $/MT FOB, while the bid price has risen to 1000 $/MT FOB, as the number of proposals is limited.

Prices of sunflower oil with delivery in the EU and India reaches 1080-1100 $/t. Now the prize for the sunflower oil compared with soybean is 220-250 $/t, and with palm - 300-350 $/t, which will soon lead to a decline in demand for sunflower oil.

the price of rapeseed oil in the Netherlands crossed the level of 800 €/t FOB DM on the background of a weaker Euro and the growth on rapeseed and canola.