Prices for palm and soybean oil increased by 3-4% amid increased Russian aggression against Ukraine

Russia’s aggression against Ukraine has led to a sharp increase in oil prices and, as a result, soybean and palm oil. Traders are concerned about the possible disruption of sunflower oil supplies from the main exporting countries-Ukraine and Russia – in the event of a further intensification of the conflict between them.

Oil prices again crossed 9 97 / barrel amid a possible reduction in supplies from Russia in the event of sanctions against it.

Following them, April palm oil futures on the Malaysian stock exchange rose 2.5% on Monday, and another 3% on Tuesday to a record 5,840 ringgit/ton or 1 1,395/ton, which supported soybean oil prices.

March soybean oil futures on the Chicago Stock Exchange rose 4% to.1,550/ton yesterday amid rising prices for palm oil and soybeans, whose harvest forecasts for South America continue to decline.

March soybean futures rose 2.2% to 6 600/ton yesterday, adding 16.7% of the price for the month.

During February 11-17, soybean exports from the United States decreased to the lowest 975 thousand tons in the season, and in general, since the beginning of the season, they reached 39.8 million tons, which is 22% lower than last year’s pace.

The weather in Argentina contributes to the development of crops, so experts of the Buenos Aires Grain Exchange left the forecast of the soybean harvest in the country in 2021/22 MG at 42 million tons.

Black Sea sunflower oil last week rose in price by 3 30-50/ton to 1 1420-1440/ton. this week, prices for it are likely to continue to grow after neighboring vegetable oil markets, although demand for it remains low due to the risks of disruption of supplies from Russia and Ukraine.