Sunflower prices remained under pressure decline in prices for sunflower oil

2020-12-14 12:07:27
Machine translation
Sunflower prices remained under pressure decline in prices for sunflower oil

Experts from USDA's December report, the supply and demand has lowered the forecast of world production of sunflower at 0.2 million tons to 49.46 million tonnes compared with 54,96 million tonnes in 2019/20 MG, due to lower forecast for Argentina from 0.1 million tons to 2.9 million tons and the EU from 0.1 million tonnes to 9.2 million tonnes.

 

the forecasts of production in Ukraine and Russia unchanged at 14 million tonnes and 13 million tonnes respectively, although according to the Ukrainian Ministry of economy and food harvested around 13.1 million tons.

 

the Purchase price of sunflower in Ukraine continues gradually to decline under the pressure of reduction of prices for sunflower oil and the strengthening of the hryvnia. Prices reached the level of 18000-18500 UAH/t, or 644-660$/t with delivery to the plant.

 

In Russia, according to "SovEcon", sunflower prices last week continued to strengthen and grew by 875 rubles to 39.9 thousand rubles per ton, or 532$/t, but plans to increase export duties on sunflower seeds and oil lead to the rollback.

 

the Forecast for world production of sunflower oil has been reduced by 0.1 million tons to the level of 19.27 mln tonnes, which is 2.23 million tons below 2019/20 MG (21.5 million tons).

 

the growth forecast for the world production of palm oil from 0,265 million tonnes to 75,453 million tons, and the reduction of import duties will lead to a rise in imports of palm oil to India by 0.2 million tons, and imports of sunflower oil by 0.1 million tons.

 

Futures on palm oil exchange in Malaysia on Friday fell slightly amid renewed global balance t is trading at 3410 ringgit per ton or 842$/t

 

the February contracts for soybean oil on the stock exchange in the United States rose 0.6% to a level of 845$/t despite the reduction in soybean stocks in the U.S. and the growth on vegetable oil in China, where futures in the vegetable oil rose on Friday: the palm oil added 3.6% to 7 022 yuan per ton or 1073$/ton, and soybean oil gained 2.1% to 7 954 yuan per ton, or 1215$/t

 

Prices for Ukrainian sunflower oil remained at around 1100-1130$/t FOB amid low demand from buyers.

 

the Introduction of export duties on sunflower oil in Russia may slightly support prices for black sea sunflower oil, but buyers will continue to choose not quality, and cheap price.

Last week the Egyptian GASC has purchased in the tender 30 thousand tons of soybean oil for delivery in January-February at a price of$1,000/MT C&F, the purchase of sunflower oil was cancelled due to high prices.

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