The rise in soybean oil quotations has halted the decline in prices for palm and sunflower oil.

The meeting of leaders from China and the USA and the agreements regarding the improvement of trade relations between the countries led to a sharp increase in soybean prices in Chicago by 10% over a month, which supported the prices of soybean oil. December futures for soybean oil on the Chicago exchange rose by 3% over the week to $1125/t, but overall for the month they increased by only +1%, as export prices for oil from the USA face strong competition in the global market, thus limiting their further growth. The rise in soybean oil prices supported palm oil prices, which lost 10% over the month. However, yesterday, December futures for palm oil on the Bursa Malaysia exchange rose by 0.7% to 4138 ringgits/t or $979/t, despite data showing an increase in palm oil stocks in Malaysia to a 6.5-year maximum and a decrease in export rates in November. The falling prices of palm oil continue to reduce demand from India for all vegetable oils, including expensive sunflower oil. ...