The purchase price of rapeseed in Ukraine has reached a maximum value in the new season
the Growth of prices for vegetable oils, which reached and even exceeded the maximum value reached in January 2020, before the introduction of the quarantine, have a strong support prices for rapeseed and sunflower in Ukraine.
a Major factor in the growth of prices on oil remains the reduction of production and rate of exports of palm oil in Malaysia and Indonesia because of heavy rains and floods, and increasing imports in India.
According to the Association of palm oil producers (SPOMA) palm oil production in Malaysia, from 1 to 20 July decreased by 17% compared to the previous month. While exports decreased by only 3-5% over the same period.
According to analysts, the import of palm oil to India in July will grow by 35-40% on the background of rising prices for soybean and sunflower oil. According Sunvin Group exports of sunflower oil to India in July will be reduced by nearly half, to 144 thousand tons to 268 thousand tons in June for the high prices and low supply of the black sea origin in the end of the season.
heavy rainfall and monsoon in India may increase the area of soybean crop to a record 11.72 million hectares, which has led to that Association of soybean processors of India asks government to limit imports of soybean and sunflower oil with a quota of 100 thousand tons per month during the local harvest (October to January) and 250 thousand tons per month in other months.
Futures on palm oil exchange in Malaysia fell 0.8% to 2641 ringt tone or 619,95$/t on the back of profit taking and a recovery of the production rate in the second half of the month.
Futures for soybean oil in the U.S. rebounded after declining on Monday on the level 682,55$/ton, despite the decline in soybean prices on the background of improving the crops.
quotes of canola (rapeseed) on the stock exchange ICE Canada rose to 486,7 CAD/t or 362 $/t against the background of abundant rain and cold weather in Western Canada and strong demand for canola from importers from the EU.
Quotes on rape in Paris from the beginning of the week dropped to 1.75 V/t to Have 382,25/t, but due to a sharp rise of the Euro to the level of 1,1545 price in dollars reached 441,3 $/t
the Purchase price of rapeseed in Ukraine continued to rise and yesterday reached its highest level since the beginning of the year will exceed the quotes that were on forward contracts 425-428$/t delivery port and the growth of the dollar against the hryvnia to 27.75/of 27.77 purchase prices in the national currency reached 13750-13900 UAH/t with delivery to the port.
According to the July 16 rape in Ukraine removed 41% of the area, or 461 thousand hectares and produced 875 thousand tons at a yield of 1.9 t/ha, much lower than last year, and the total rapeseed crop may be even below our forecasts at 2.4-2.5 million tons By Agritel forecast can be at the level of 2.8 million tonnes and much below the USDA forecast at 4 million tons.
in the Near future, buyers will monitor the condition of the canola crops in Canada, U.S. soybean and sunflower in Ukraine and Russia, because the production growth will continue to significantly downward pressure on the oilseed markets in the third quarter.
