Global: Prices for oilseeds remain under pressure from rising supply

Oil markets continued to be in a high supply and uncertain situation this week, with the outlook for demand due to rising covid-19 cases in China and Japan, as well as possible lower oil prices if OPEC+ raises production quotas. Palm oil, the most sensitive to oil price movements, initially rose sharply this week, but eased towards the end of the week and was up 3.7% overall since Friday at 3,720 ringgits per tonne, or $836 /t, which is still 11.8% lower than two weeks ago. Huge palm oil supplies from Indonesia will continue to weigh on markets in July and August until the massive stockpiles created by the government's export bans in April are depleted. Palm oil continues to win the competition for a share of the global vegetable oil market, given its cheapness and availability. Soybean oil also receives additional price bonuses due to low offers from sunflower oil. September soybean oil futures on the Chicago Mercantile Exchange jumped 5.4% on Monday after a prolonged 5-week ...