Tender in Egypt supported prices for sunflower oil
Egyptian operator GASC has purchased the tender from the company Glencore 30 thousand tons of sunflower oil for delivery in August at a price of 706 $/t CFR in the $7/t exceeds the purchase price APR.
the price of sunflower oil in Egypt for the first time since the end of last year crossed 700 $/t CFR against reduction proposals from the Ukrainian side.
Also, GASC has purchased 18.5 thousand tons soybean oil local production for delivery in July at a price 672,63 $/t CFR, which is 3.6 $/t lower than at the previous auction, which is a consequence of the fall in world prices for soybeans and oil.
this season, GASC purchased on tenders 249 thousand tons of soybean oil, which is 50% higher than the volume of purchases of the corresponding period last year, and 160,5 thousand tons of sunflower oil, which corresponds to previous MG.
black sea market of sunflower oil on Wednesday have grown on the basis of a tender in Egypt and thanks to recovering demand from India, which bought a batch of soybean oil at a price of 685 $/t CFR and sunflower at the price of 718 $/t CFR on the background of the reduction proposals of the Ukrainian sellers.
the Shortage of raw materials from refiners caused by the containment of sales producers, and planned for July-August preventive stop of the processing enterprises has increased the demand from buyers of Ukrainian sunflower oil prices, demand for which has grown to 667-670 $/MT FOB, and bid prices up to 675 $/t FOB.
In Chicago for two days, soybean futures fell 2.7% to 298,5 $/t for oil – by 2.2% to the lowest since 2015 level 586,6 $/t after the failure of the trade talks between the delegations of the US and China amid the approaching date of introduction of 25% duties on Chinese goods worth 200 billion $.
After the fall soybean complex futures on palm oil in Kuala Lumpur fell yesterday by 1.5% to 482,9 $/tonne, despite a projected contraction in the April production by 1.9% and reserves by 5%. Today we get the official report on the actual volumes of production and residues, which will affect prices.
today's report USDA traders expect the adjustments to the forecasts of soybean production in South America and demand from China.