World: Sunflower oil is becoming more expensive following the prices of other vegetable oils

Published Nov 20, 2023

Tridge summary

Last week, soybean and soybean oil prices increased due to dry and hot weather in central Brazil, but later decreased as traders began to secure profits. Sunflower oil prices also rose by 3-4% due to a shortage of sunflower supplies and the rise in the euro exchange rate. Oil prices, however, fell for the fourth consecutive week due to declining demand and the weak state of the US and Chinese economies.

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

Original content

Soybean and soybean oil prices rose strongly last week amid dry and hot weather in central Brazil, but eased slightly at the end of the week as traders started to book profits. Sunflower oil rose in price by another 3-4% due to the shortage of sunflower supplies due to low prices and the rise in the euro exchange rate. December soybean futures on the Chicago Stock Exchange rose 3.4% early last week before falling 2.7% to $1,145/t (+1.4% for the week, -3.5% for month) after a 5% drop in oil prices. January palm oil futures on Bursa Malaysia fell 1.7% to 3,931 ringgit/t or $840/t (+3.4% on the week) on Friday, following crude oil and soybean oil prices. They were supported by export data, which, according to surveyor AmSpec Agri, increased by 6.4% to 645.6 thousand tons in November 1-15 compared to the same period in October. With the support of neighboring vegetable oil markets, demand prices for sunflower oil with delivery to buyers for the week increased by 2.3% to $895/t, in ...

Source: Graintrade