Sunseed prices increased by $4/t
The global vegetable oil market has shown a moderate correction this week.
This was reported by analysts at Spike Brokers.
Palm oil fell from 4,023 to 4,019 MYR/t (-4 MYR/t), remaining under pressure from weak exports and uncertainty over India’s import policy. At the same time, soybean oil on the CBOT rose from 57.37 to 58.62 cents/lb (+1.25 or +2.2% w/t), partially neutralizing the weakness in the palm segment.
The oil market remained stable (WTI $62-63), which did not create additional pressure on the biofuel sector.
Sunflower oil remains stable in the European physical market. FOB Northern Europe: March – $1,470 (unchanged w/t); April – $1,465 (+$5 t/t). The EU market shows balanced demand for sunflower oil. The premium to soybean oil is maintained, indicating the absence of aggressive competition.
In Ukraine, the domestic sunflower market remains active. According to the SPIKE Spot Index, the price of sunflower at CPT parity Odesa was $709 with VAT against $705 a week earlier (+$4 t/t). Processors gradually increased their purchasing levels, but there was no aggressive coverage. Sales from producers are restrained, which supports the market in the upper range. Most producers are faced with a choice between selling their surpluses between grain and oilseed crops. Overall, the sunflower market remains balanced.
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