Prices for soybean and palm oil continue to rise
on Friday, the export price of palm oil exchange in Malaysia rose to 695 $/t. during the week the price has strengthened by 5%, and a month – by 8.6%.
Growth rates contributes to the reduction in the production of palm oil amid rising demand from China and India.
According to the surveyors Intertek for the first 10 days of September, exports of Malaysian palm oil in comparison with the same period last year increased by 7% to 379,65 thousand tons, of which the share of India amounts to 113.6 million tonnes, China – 82,66 thousand tons.
According to SGS export oil during this period increased by 9.3%. Market participants believe that the increased export demand will support the price of palm oil prior to the commencement date of the renewal of production, which begins in October.
Another factor supporting palm oil prices is the market for soybean oil, which has risen to 777-793 $/t in Brazil and 779,85 $/t in the USA for shipments in September and October.
A new report by the USDA forecast of world production of oilseeds in the 2017/18 season remained unchanged at the level 445,8 million tonnes Decrease in production of soybeans and rapeseed will be offset by the growth of gross harvest of sunflower and cotton.
The price of sunflower oil in the EU fell to 805-812,5 $/MT for deliveries in September-October on the basis of EXT NW Europe.