Despite the record global soybean harvest, prices for soybean oil are higher than for the usual premium sunflower oil in Egypt

Egypt’s GASC purchased sunflower oil at a tender 24 dollars per ton cheaper and soybean oil at 23 dollars per ton more expensive than in the previous tender. The global vegetable oil market remains in a strange situation where, despite the record soybean harvest, prices for soybean oil are higher than for the usually premium sunflower oil, even though the sunflower harvest in Ukraine has declined and will also be below average in the new season. On June 13, the Egyptian State Agency GASC held an international tender for the purchase of vegetable oil for delivery from July 20 to August 5, 2023, as well as a tender for the purchase of vegetable oil in the domestic market. It was planned to purchase soybean and sunflower oil with immediate payment. The purchase is financed by the International Islamic Trade and Finance Corporation (ITFC). The previous international tender for the purchase of oil, scheduled for June 6, was canceled for unknown reasons. The international tender ...