Vegetable oil prices fell after last week’s record update

Last week, prices for palm oil reached a record level, and for soybeans also rose against the background of increased demand, which supported the quotes of sunflower oil. However, at the end of the week, prices turned down against the background of profit-taking by traders and following the decline in oil prices, which were the main factor in supporting vegetable oil prices.

December palm oil futures on the Malaysian stock exchange on Thursday and Friday fell 3% from a record 5,071 to 4,924 ringgit/ton, or.1,187/ton, showing a weekly increase of only 1.3%.

December soybean oil futures on the Chicago Stock Exchange for the specified period also fell by 4.2% to 1 1,368/ton, so the weekly growth was only 1.4%.

Soybean oil prices on the Dalian Stock Exchange rose to a 10-year high of 10,278 yuan/ton or 1 1,606/ton on Thursday amid limited supply and strong demand. Since mid-June, soybean oil futures have risen 30% on the stock exchange, bringing the soybean processing margin to its highest level in the last six months.

Offer prices for Ukrainian sunflower oil also increased to F 1,430-т 1,460/ton FOB, which increased purchase prices for sunflower. However, farmers have significant financial resources, so they are in no hurry to sell sunflower seeds, expecting prices to rise to the highs of the previous season – 25 thousand UAH/ton.

Graintrade

Tags: prices, edible oil