Global: Sunflower oil prices remain under pressure from lower palm and soybean oil prices
RBD Palm Oil
Published Jan 11, 2023
Tridge summary
The approaching harvest of soybeans in South America increases the pressure on the prices of soybean oil, which remains the most expensive on the world market. However, the quote is supported by the weather and uncertainty with the soybean crop in Argentina, where thanks to the rains in December, 82% of the planned area was […]
Original content
The approaching harvest of soybeans in South America increases the pressure on the prices of soybean oil, which remains the most expensive on the world market. However, the quote is supported by the weather and uncertainty with the soybean crop in Argentina, where thanks to the rains in December, 82% of the planned area was planted with soybeans (94% last year and 93% in the 5-year average), and 62% of the crops are in good or satisfactory condition. In addition, sunflower harvest has begun in Argentina and 6% of the area has been threshed at the beginning of the year (5% last year and 11% 5-year average), with 78% of the crop in good or satisfactory condition, compared to 93% last year. March soybean futures on the Chicago Mercantile Exchange fell 0.9% to $1,396/t since early January, but rose 3% for the month amid speculative demand fueled by drought in Argentina. March palm oil futures on the Malaysian exchange yesterday fell 0.96% or 39 ringgit/t to an 11-day low of 4,013 ...
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