Palm oil fell by another 10%, which increased the pressure on sunflower prices in Ukraine
RBD Palm Oil
Sunflower Seed
Refined Sunflower Oil
Ukraine
Published Jun 24, 2022
Tridge summary
After the collapse of palm oil prices on Monday by 9.5% yesterday, quotations fell another 10.7% to a 6-month low, which increased pressure on neighboring markets for soybean and sunflower oil and led to another drop in sunflower prices in Ukraine.
Original content
The projected recession in the world economy will reduce oil prices and imports of vegetable oils to China, and Indonesia's permission to export almost 1 million tons of palm oil has already brought down its prices. After speculative growth to 7,000 ringgit / ton due to a ban on exports from Indonesia in late April, August palm oil futures on the Malaysian stock exchange Bursa fell 10.7% yesterday to a six-month low of 4,499 ringgit / ton or $ 1,022 / ton, losing two weeks 38% of the price against the background of oversold market. The market is returning to acceptable price levels for buyers, and hopes to intensify China's procurement. In May, compared to May 2021, China reduced the import of vegetable oils 2.2 times to 533 thousand tons, including soybean - from 130 to 9 thousand, sunflower - from 126 to 16 thousand tons, palm - from 559 to 258 thousand tons , rapeseed - from 216 to 117 thousand tons. From January to May, imports of vegetable oils decreased by 3.5 million tons ...
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