The price of sunflower oil remained under pressure from the oil markets and palm oil

2019-06-13 12:00:40
Machine translation
The price of sunflower oil remained under pressure from the oil markets and palm oil

For anxiety traders with the growth of oil reserves in the US world oil prices yesterday fell again by 3.8%. July futures of WTI crude oil decreased from 53.3 to 51.3 $/barrel, while August futures on Brent crude oil – from 62.8 to 60.4 $/barrel.

 

Prices remain volatile due to uncertainty in the supply of Iranian oil and the lack of OPEC decision+ to reduce the production and growth stocks in the US and low demand.

 

the Price of Brent crude oil June 5 on news about growth of stocks in the U.S. fell below $60/barrel, but by 10 June again exceeded 63 $/barrel.

 

August futures on palm oil exchange in Malaysia from June 5 fell by 4.2% to 1968 ringgit or 472,6 $/MT amid rising production in the country and under the pressure of the oil market.

 

Bullish report of declining production and palm oil stocks in Malaysia could not compensate for the drop in oil prices and soybean oil. In anticipation of these industry data the market was already oversold, so instead of rising prices was their downfall.

 

July futures for soybean oil in Chicago on Tuesday fell by 0.6%, but on Wednesday it recovered to 621,7 $/t

 

the Price of soybeans in Chicago is growing on the background of the forecast of prolonged rain in the United States that will not allow you to complete sowing.

 

the Demand for Ukrainian sunflower oil continues to decline, through that prices for delivery in July-August dropped to 690 $/t FOB, while the bid prices for delivery in October-November dropped to 670 $/ton FOB.

 

the Increase in acreage under sunflower seed in Ukraine and Russia, and favorable weather continue to raise forecasts of sunflower production in black sea region in 2019/20 Mr.

 

against the background of declining demand and the appreciation of the hryvnia purchasing prices for sunflower in Ukraine fell to 11300-11400 UAH/t with delivery to the plant and 10800-10900 UAH/t on the French economy.

 

In Argentina, prices for soybean oil remain stable at 620 $/MT FOB.

 

Due to the proximity of the new harvest and the strengthening of the Euro, the price of rapeseed on the Paris stock exchange fell 1.25 €/t to 365,5 €/t, for which rapeseed oil also fell to 713 €/t FOB.

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