Edible Sunflower oil and meal Trader в компании AGROCOR LLC. Vegetable Oils, Grains, Pulses, Oil Seeds, Feedings
Brent oil futures for June deliveries on the London ICE Futures exchange on Friday rose by 0.8% to $ 90.45 per barrel, and on Monday fell by 0.34% to $ 90.14 per barrel (-0.5% for the week, +4.5% for the month). Along with this, palm and soybean oil quotes fell. Malaysia increased crude palm oil production by 10.57% in March compared to February, reaching 1.39 million tons, and exports increased by 28.61% to 1.32 million tons, which reduced inventories by 10.68% to a 10-month low of 1.71 million tons. From April 1 to April 15, palm oil exports from Malaysia increased by 9.2% compared to the same period in March, reaching 633.7 thousand tons according to Intertek Testing Services and 28.5% to 697.45 thousand tons. After the end of Ramadan, oil production is expected to increase. In the April USDA report, the forecast for the production of veg oils in the world was increased from 222.85 to 223.17 million tons (against 217.88 million tons in 2022/23 MG), and the forecast for palm oil imports to India and China was reduced by 0.2 million tons to 9 and 6 million tons, respectively, and its exports from Indonesia were reduced by 0.35 million tons up to 27.35 million tons. May soybean oil futures in Chicago fell by 5.2% over the week to $ 1002 per ton (-7.2% per month) amid an increase in the supply of cheap soybeans from South America. Even data on the expansion of soybean processing in the United States did not support prices. According to NOPA, in March, soybean processing in the United States amounted to a record 5.35 million tons, which exceeded analysts' forecasts and by 5.7% - the March 2023 figure. Sales of soybean oil increased by 9.5% compared to February, reaching 840 thousand tons, which is almost the same as in March 2023. The average price of sunflower oil with delivery to customers decreased by 0.8% in a week to $873 per ton, and in Ukraine prices dropped by 5-10 dollars per ton to $800-805 per ton with delivery to the ports of the Black Sea, $840-850 per ton with delivery to Bulgaria, $880-890 per ton with delivery to Italy. Against the background of a decrease in the forecast for palm oil exports, the USDA raised the forecast for sunflower oil exports from Ukraine by 0.15 million tons to 5.9 million tons and Russia by 0.1 million tons to 4.4 million tons due to an increase in imports by Egypt by 0.25 million tons to 0.6 million tons. The cost of Black Sea sunflower oil remains stable, and India is concluding deals at a price of $ 960 per ton with deliveries in May. At the local level, the Indian market is active, but the depreciation of the euro against the dollar limits the ability of traders to meet local requirements. In Europe, prices for sunflower oil fluctuate around $ 960 per ton, while buyers tend to purchase it at a price of $ 940 per ton. It is expected that the price correction for sunflower oil will be completed in the near future, and prices in the range of 920-950 USD will present an attractive opportunity for buyers.
