For the week, the price of soybean oil increased by 7%, on palm 11%
Friday the decline in world market prices of basic commodities have not touched the leaders of the growth of quotations of recent weeks – soy and palm oil, which have continued to rise and have increased in price during the week of 7% and 11%, respectively.
and the Reason remains the reduction of the forecast of soybean production and degradation of the crops due to lack of precipitation in Argentina, however, the markets reacted partially due to the reduction of imports of vegetable oils in India in February.
behind the markets, soybean and sunflower oil may futures for palm oil on the stock exchange in Malaysia on Friday rose by 1.6% to a 13-year high 4125 ringgit/t or 1002 $/t as traders realize that the background of rapid price increases, buyers will choose the cheapest yet palm oil.
on data On the degradation of soybean crops in Argentina may futures for soybean oil on the stock exchange in Chicago on Friday rose by 1.4% to 8-year high 1226 $/t
According to the stock exchange of Buenos Aires, a week in Argentina, soybeans, where there is a shortage of soil moisture, increased by 15% to 47%, while the number of crops in good or excellent condition decreased from 10% to 6% (35% a year ago), and bad – has risen from 20% to 31% (14% a year ago).
the Shortage of rain delays the growth of plants. In the maturity stage are only 5.7% of crops compared to 21.6% a year ago and 22.9% on average for 5 years.
On the stock exchange in Dalian on Friday palm oil rose by 2.8% to 1226 $/ton, while soybean – only 0.7% to 1427 $/t
bid Prices of Russian and Ukrainian sunflower oil remain at 1670-1700 $/t FOB, but the prices of the demand does not exceed 1650 $/MT FOB that several cool sunflower prices.
India in February reduced the import of vegetable oils in comparison with the corresponding period of last year by 25% to 796 million tonnes, especially palm – half, to 394,5 thousand tons, sunflower – 43% to 116,1 million tonnes, whereas the purchase of soybean oil nearly tripled to 286 thousand tons compared to January, the stocks of vegetable oils in the country decreased by 5.4% to 1.69 million tonnes, which is 10.5% more than last year.
Decline in recent time, the demand for vegetable oil from India and China have not influenced the price. However, the build-up of inventories the main importers of increased sentences of soybeans from Brazil will soon stop rapid increase in prices, as happened with wheat prices continue to fall due to the lack of demand from importers who have built up substantial reserves.
