All prices of vegetable oil once again rose sharply
Following the increase in oil prices on Monday at 5-6% yesterday sharply increased the prices of palm and soybean oil, while sunflower oil is beginning to appreciate at the end of last week.
May futures on the stock exchange in Malaysia yesterday rose by 3.7% to 3676 ringgit/t or 910 $/t for the support of the oil market and updated data on exports, which were better than expected.
the night Before one surveys the company announced that over 20 days of February, exports of palm oil from Malaysia increased in comparison with the corresponding period of February 10.3%, but estimated to another company, released yesterday, has grown by 28%.
soybean Market was supported by the Brazilian Agency AgRural that the rate of harvest of soybean and the lowest for the last 10 years and as of February 18, the country harvested only 15% of the soybean crop in comparison with 31% on this date a year ago.
against this background, the may soybean futures on the CBOT yesterday rose 2% to 519,2 $/t
Due to favorable precipitation in Argentina, the local Agency Pablo Adreani increased the forecast of soybean crop to 50 million tons, while experts exchange Rosario his estimate of 49 million tons and exchange Buenos Aires – 46 million tons.
Prices for Argentine soybean oil remain at 1060-1080 $/t FOB, because the number of sentences increases, especially for delivery in may and June.
the March futures for soybean oil on the Chicago CBOT after the price of palm oil and soybean yesterday rose by 3.3% to 1085 $/t, and the may – 2.9% to the highest since 2013 level – 1068 $/t
On the stock exchange in Dalian futures palm oil rose 1.1% to 1138 $/ton, and soy – 1.1% to 1,310 $/t FOB.
the Growth of markets, soybean and palm oil was further supported prices for Ukrainian sunflower oil, which increased by 20-25 $/t to 1420-1430 $/t FOB.
the Sales of sunflower decreased as manufacturers expect when you come into force the law on the reduction of the VAT rate from 20% to 14%. The farmers decide to sell them the sunflower is now at a higher price and pay more VAT to wait reducing tax rates.
