Brent prices weakened over lockdown renewal fears in Europe, by falling more than 7% last week(11), going from 70$ to 63.50$ as a speculative reduction in fuel demand is due to the new measures taken in the bloc. That eventually pushed vegetable oils for a dive in all positions.
Counterpointing to that, harvesting progresses in Brazil, and soybean is becoming available, where exports have accelerated for South America. The latter has generated a change in demand that may reflect lower export sales in the US.
Also due to subsidizing rates at CBOT, the sunflower oil market has been driven to have a much stronger selling activity during last week, generating a significant correction in prices during the last few days. Even though it is deemed that replenishing stocks will take some time to rebound and supply shall remain tight for the short term. In Argentina, SFO rates had plunged +60$/wk and Ukraine pointed a 200$ decline in 10 days.
For the crude palm oil production, a gradual increase is further expected in Malaysia and Indonesia up to May/21.