News

Global: Sunflower oil is falling in price amid falling prices for palm and soybean oil

Refined Sunflower Oil
Egypt
Russia
Published Apr 17, 2024

Tridge summary

Oil prices saw a minor decline despite geopolitical tensions arising from Iran's shelling of Israel, as the conflict did not escalate further. Market fluctuations were noted in Brent crude and palm oil futures, with the latter impacted by a report from the Malaysian Palm Oil Board showing increased production and exports, leading to reduced stocks. Soybean oil futures also fell, influenced by an influx of inexpensive soybeans from South America, despite a record high in U.S. soybean processing. Adjustments in the USDA's forecasts for global vegetable oil production and trade were made, including lowered palm oil imports by India and China, and heightened sunflower oil exports from Ukraine and Russia.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Oil prices fell slightly yesterday after earlier speculative gains, despite Iran's shelling of Israel on Saturday, as the latter has not yet responded to the attack, and therefore the conflict has not escalated into open military confrontation. Brent June futures on London's ICE Futures exchange rose 0.8% to $90.45/barrel on Friday and fell 0.34% to $90.14/barrel on Monday (-0, 5% per week, +4.5% per month). Oil prices were followed by palm oil and soybean oil quotes, especially as a report from the Malaysian Palm Oil Board turned out to be more upbeat than traders expected, adding pressure on quotes. According to the report, Malaysia in March compared to February increased crude palm oil production by 10.57% to 1.39 million tons and exports by 28.61% to 1.32 million tons, as a result of which stocks decreased by 10, 68% to the 10-month low of 1.71 million tons. June palm oil futures on Bursa Malaysia yesterday fell 1.86% to RM4,204/t or $880/t (-2.2% for the week). For April ...
Source: Graintrade
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