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Sunflower prices in Ukraine fall under the pressure of falling markets vegetable oils

After the rapid growth of purchasing prices for sunflower to a record 19500-20000 UAH/t with delivery to the plant on Tuesday they began to decline under the pressure correction in prices for soybeans and vegetable oils on world markets.

Prices for Ukrainian sunflower oil fell to 1140-1160 $/t FOB, following the collapse of neighboring markets of vegetable oils. Even the rise in oil prices over the last three days on 8-10% are unable to support prices of palm and soybean oil used in biodiesel production because of the impact is speculative and result of intensification of the process of transfer of power to the new President of the United States and the formation of the government team.

Yesterday, amid rising prices of oil futures to palm oil exchange in Malaysia rose by 1% to 3285 Ringgits/t or 804,16 $/t, but a whole week they lost 2.4 percent due to the slowdown in exports.

According surveys company Amspec during Nov 1-25 palm oil exports from Malaysia declined compared to the corresponding period in Oct by 18.9% to 1,145 million tons, while experts predicted a decline of 9%.

Futures soybean oil on the stock exchange in the US yesterday trading at 833 $/ton, as traders booked profits ahead of the long weekend on the occasion of Thanksgiving today is celebrated in the country. Projected for next week, dry weather in Brazil will support in the near future prices for soybeans and soybean oil.

the Increase in commodity and stock markets in the US on the news of the vaccine coronavirus can stop the statistics of morbidity and mortality, which continues to break records. Now in the United States infected with 12.7 million people, of whom died of 262 thousand people. For the past day died worldwide from coronavirus 12 thousand people, particularly in the US and 2.3 thousand people, and from the beginning of the pandemic in the world died from Covid-19 1,425 million.

Mass vaccination will begin no earlier than 5-6 months, so the impact coronavirus on world markets may soon again to increase.

 

GrainTrade

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