Soybean oil prices on the Chicago Stock Exchange updated a 12-year high

2021-05-05 12:04:11
Machine translation
Soybean oil prices on the Chicago Stock Exchange updated a 12-year high

< span style="font-size:14px;">yesterday at the Chicago SWOT, soybean futures hit a 12-year high amid shrinking U.S. soybean stocks and rising oil prices.

 

< span style="font-size:14px;">oil futures on world stock exchanges rose by 2% on expectations of increased demand due to good results of vaccination of the population in the United States, Great Britain and Israel. The market was also supported by the results of the meeting of OPEC+ representatives held last week, where they agreed to gradually increase production over the next three months and confirmed the fulfillment of their obligations by all participants.

 

< span style="font-size:14px;">yesterday at the beginning of the session, July soybean oil futures rose by 6% to трав 1,483/ton, reaching the closing level of May contracts and exceeding the 12-year high, but later fell to 1 1,397/ton, while December futures for the day rose by 1.3% to 1 1,200/ton. it is 3% lower than analysts ' expectations and 4% lower than last year's level.

 

< span style="font-size:14px;">soybean futures were actively growing against the background of a jump in corn prices, even despite the intensification of sowing in the United States.

 

< span style="font-size:14px;" > according to the USDA weekly report, as of May 2, 24% of the planned area was sown with soybeans in the United States, compared to 21% last year and 11% on average over 5 years on the same date.

 

< span style="font-size:14px;">June palm oil futures on the Malaysian stock exchange rose 1.5% from Monday to 4042 ringgit/ton or 9 980/ton on forecasts of an increase in production in the country in April by 3-7% and exports – by 10-13%, which will lead to a reduction in palm oil reserves.

 

< span style="font-size:14px;">due to the long weekend in Ukraine, China and Russia, the reaction to rising soybean oil prices will become known only at the end of the week.

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