Prices on sunflowers growing in the vegetable oil price
the Purchase price of sunflower in Ukraine again increased sharply against the background of rapid rise in price of vegetable oils due to the news on fees in Russia, the strike in Argentina and the recovery in oil prices.
Monday prices for sunflower increased by 500-1200 UAH/t to 1850-19300 UAH/t or 664-690 $/t after the fall last week and the containment of sales by manufacturers that expect the price of 20000 UAH/t
Improved weather in Brazil and Argentina has reduced the pressure on the markets for soybeans and soybean oil, however, the hopes of experts on the reduction followed the prices of other vegetable oils is not justified via a long 10-day strike at plants in Argentina and intentions of the Russian government to impose 15% duty on export of sunflower oil, which reduces the supply of vegetable oils increases the demand for them and prices, respectively.
the rumors about the introduction of Russian export duties on Ukrainian sunflower oil for the week rose by 30-50 $/t to 1150-1180 $/t FOB depending on the delivery terms.
at the same time, the demand for Ukrainian oil, and Indian company acquired 40 thousand tons of Ukrainian sunflower oil with delivery in the 1st quarter of 2021 at a price of 1200-1220 $/t CIF, which contributed to further growth of the price proposals.
the price of sunflower oil has a sharp rise in price of futures for soybean oil in the United States, Wednesday on the stock exchange CBOT grew by 2.6% to its highest since July 2014 level 870,8 $/t after the rise in price of the futures on soybeans by 3% to 446,1 $/t
the Price of soybeans supports the increase in processing volumes in the United States and the purchase of soybeans from China. Export sales of U.S. soybeans for the week amounted to 922,3 million tonnes, of which 202 thousand tons purchased China that exceeded expectations.
Active procurement from China has increased exports of corn, wheat and pork, which led to an increase in the market prices of all grains and oilseeds.
the March futures for palm oil in Malaysia under pressure for the increase in the export duty with 2021г. for the week fell 2.3% to 3378 Ringgits/t or 837,59 $/t. the Market was supported by surveyors about the increase in palm oil exports in the first half of December compared with the same period in November by 8% and reduction of its production, according to the Association SPPOMA, 11%.
the Turbulence of the vegetable oil markets continues,so the prices of sunflower in the current season will dramatically change after the price of vegetable oil, which remain under pressure from demand from China.
According to the National information center of China grain and oil (CNGOIC), in comparison with the previous month, the soybean stocks in the country decreased by 610 thousand tonnes to 6.36 million tonnes (1.87 million tons more than last year), stocks of soybean meal increased by 20 thousand tonnes to 910 thousand tonnes (510 tonnes more than last year), stocks of soybean oil declined by 140 thousand tonnes to 1.05 million tonnes (90 million tonnes more than year ago).
