Egyptian GASC bought soybean and sunflower oil at a price of $50-$60/t lower than a month ago

Published 2022년 12월 30일

Tridge summary

On December 30, 2022, the Egyptian state-owned operator, GASC, successfully executed an international tender to procure a total of 42,000 tonnes of vegetable oil, including 30,000 tonnes of soybean oil and 12,000 tonnes of sunflower oil, at a cost significantly lower than the previous month. The soybean oil was sourced from LDC at $1,415/t C&F, and the sunflower oil was supplied by the Egyptian African company at $1,330/t C&F. This purchase follows a trend of decreasing prices for soybean and sunflower oil due to increased supply and lower palm oil prices. Furthermore, the article discusses the impact of China's relaxation of entry rules on palm oil demand, India's decision to extend a low import duty on refined palm oil, and Argentina's rainfall affecting speculative demand for soybeans and soybean oil. Additionally, it mentions the postponement of Indonesia's mandatory 35% oil-biodiesel fuel blending from January 1 to February 1, 2023, and a decrease in European buyers' demand for domestic sunflower, leading to lower prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The state-owned Egyptian operator GASC purchased 42,000 tonnes of vegetable oils (30,000 soybean and 12,000 sunflower) at an international tender yesterday, with delivery on February 5-25, 2023 and payment within 180 days. A batch of 30,000 tons of soybean oil was purchased from the LDC company at a price of $1,415/t C&F, and 12,000 tons of sunflower oil was purchased from the Egyptian African company at a price of $1,330/t C&F, which is $60/t and $50/t accordingly cheaper than a month ago. We will remind that at the November 21 tender, GASC purchased 30,750 tons of sunflower oil at a price of $1,380/t C&F and 35,000 tons of soybean oil at a price of $1,475/t C&F produced by the Russian Federation and Bulgaria with delivery in January, at the tender in early November – 6,000 tons of sunflower oil at a price of $1,474/t C&F with delivery in December, and 14,000 tons of soybean oil at a price of $1,600/t C&F at the end of October. Soybean and sunflower oil prices continue to fall ...

Source: Graintrade