Prices for soybeans and sunflower growing in the vegetable oil markets

2021-02-02 12:04:12
Machine translation
Prices for soybeans and sunflower growing in the vegetable oil markets

Last week stock quotes of palm and soybean oil are gradually recovering after prices for soybeans and corn, which supports the revitalization of Chinese buying of agricultural products from the United States.

 

On the background of delayed harvest soybeans in Brazil, caused by heavy rains, China may resume the purchase of soybeans in the United States, where there is already a shortage of supply after active sales in the beginning of the season, which leads to higher prices for soybeans and meal, on the stock exchange in Chicago. For 5 months 2020/21 MG the US has already exported to 47.3 million tonnes from the USDA projected 60 million tons of soybeans.

 

Yesterday on the stock exchange in Chicago March soybean futures fell to 502,5 $/ton, soybean meal 473,8 up to $/t on the background of increased meal exports from Argentina, while soybean oil rose 1.3% to a 7-year high of 997 $/t

 

Government of India plans to change the taxation of imports of vegetable oils, resulting in duty on palm oil will increase from 30.25% to 35.75%, and for soybean and sunflower will remain the same.

 

Futures on palm oil exchange in Malaysia last week rose 7.6% to 3490 Ringgits/t or 8631 $/T. However, today, they can turn down applications for change of duty by India and to reduce the export of palm oil from Malaysia in January at 36-37% against the background of reduced production by 14%.

 

Following the prices of palm and soybean oil last week, prices for Ukrainian sunflower oil grew to 1290-1310 $/t FOB, but the demand remains low.

 

Today, the Egyptian GASC tenders for the purchase of 30 thousand tons of soybean and 10 thousand tons of sunflower oil for March delivery, which will become the new indicator of price buyers.

 

amid a rise in the cost of vegetable oils last week, refiners in Ukraine raised the purchase price delivered to the plant:

the

soybeans GMO – 400-500 UAH/t to 18500-18900 UAH/t (equivalent to 550-560 $/t in port),

soybeans without GMO in 19000-19100 UAH/t

  • the sunflower by 200-300 UAH/t to 21800-22500 UAH/t or 777-800 $/t with VAT

At the same time exporters in the port are offered for soybeans with GMOs 515-525 $/t, and soybeans without GMO 560-570 $/t

 

the Strengthening of the hryvnia against the dollar and a slight decline in prices for vegetable oils this week will stop further growth of prices and may even deploy them down.

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