Prices for sunflower oil are rising, despite the fall in the market of palm oil
the Increase in palm oil production in Malaysia and Indonesia amid decline in exports puts pressure on the quotations of palm oil yesterday on the stock exchange in Bursa fell 0.6% to 474,5 $/t
According to Reuters, Indonesia in may increased production of palm oil-to 4.6 mln tonnes and exports decreased to 2.8 million tons.
Quotes of Brent crude oil on Monday fell by 3.3% to 63.4 $/barrel, which presses on the market palm oil.
the price of soybean oil in Chicago this week also declined significantly despite the reduction in forecasts of soybean production in the US in the new season. However, yesterday they recovered to 630 $/t after the markets of soybeans and corn that grow on the news about the resumption of China's active procurement of agricultural products in the United States in the form of a step towards the signing of a trade agreement.
soybean Futures in Chicago yesterday rose 1.4% to 333,6 $/t
Increasing demand for imports of Ukrainian sunflower oil in July-August against the background of shortage of supply led to higher prices to the high season level. Prices demand for Ukrainian sunflower oil grew to 725 $/t FOB, the price proposals until 735-740 $/t FOB for August shipments, despite the reluctance of farmers to sell sunflower seeds at low prices and high, in comparison with last year, the inventory level of sunflower. Most oil producers are transferred to the processing of rapeseed, so August-September are not planning to buy the sunflower, that reduces the supply of sunflower oil. Sunflower oil with delivery in October-November offer 690-695 $/ton, while the price demand is 680-685 $/t
In India, the price of sunflower oil rose to the highest level of 780 $/t CIF, 120 $/t exceeds the value of the soybean oil. Prices for vegetable oil remained under pressure of a possible reduction in harvest of oilseeds in the country due to delayed monsoon for 2 weeks.
July futures on canola oil in the Netherlands increased to 753 €/MT FOB, while prices for delivery in August eased to 720-725 €/MT FOB.
