Soybean and palm oil prices remain stable despite falling oil prices

During the week, futures for soybean and palm oil traded at a stable level, despite data on increased exports from Malaysia and falling prices for rapeseed and rapeseed oil. The markets also did not react to lower sunflower harvest forecasts in Ukraine and Russia due to the heat. December futures for soybean oil in Chicago in early July rose by 10%, but then within two weeks fell to 993 $/t (+3% for the month) under pressure from favorable weather for soybean crops in the United States. According to the NASS USDA, in the United States the number of soybean crops in good or excellent condition remains at 68% (54% last year), and the development of crops by 5% ahead of the average 5-year average. Active exports of soybeans from Brazil and increased supplies of soybean oil and meal from Argentina increase pressure on world prices. September futures for palm oil on the Bursa exchange during the week rose 1% to 3969 ringgit/t or 850 $/t, despite a significant increase in exports in ...