Sunflower oil is becoming more expensive following the prices of other vegetable oils and against the background of the growth of the euro
Soybean and soybean oil prices rose strongly last week amid dry and hot weather in central Brazil, but eased slightly at the end of the week as traders started to book profits. Sunflower oil rose in price by another 3-4% due to the shortage of sunseed supplies due to low prices and the rise in the euro exchange rate.
December soybean futures on the Chicago Stock Exchange rose 3.4% early last week before falling 2.7% to $1,145/t (+1.4% for the week, -3.5% for month) after a 5% drop in oil prices.
January palm oil futures on Bursa Malaysia fell 1.7% to 3,931 ringgit/t or $840/t (+3.4% on the week) on Friday, following crude oil and soybean oil prices. They were supported by export data, which, according to surveyor AmSpec Agri, for November 1-15 grew by 6.4% to 645.6 thousand tons compared to the same period in October.
With the support of neighboring vegetable oil markets, demand prices for sunflower oil with delivery to buyers for the week increased by 2.3% to $895/t, in particular, on DAP – Bulgaria – up to $820-830/t, on CIF – Turkey – up to 910- $920/ton. Demand prices for sunflower oil for delivery to Italy remained at 810-820 €/t, but in dollar terms the price rose by $20/t due to a 2.3% increase in the euro against the dollar for the week.
Demand prices for Ukrainian sunflower oil with delivery to the Black Sea ports increased by $20-40/t to $750/t DAP and to the Danube ports – to $770-800/t DAP.
Against the background of rising oil prices and curbing sunflower sales by producers, processors were forced to raise the purchase prices of sunseed by UAH 500-1,000/t to UAH 13,600-14,600/t with delivery to the factory, but this did not activate supplies.
Oil prices fell for the fourth week in a row amid declining demand and the poor state of the US and Chinese economies. Last week, Brent prices fell to a 4-month low of $77.5/barrel (-12.9% for the month).
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