Global: The Turkish agency TMO canceled the purchase of sunflower oil, which increased the pressure on prices

The Turkish state agency TMO canceled the results of the tender held last week, where 48,000 tons of Russian unrefined sunflower oil were purchased at a price of $1159-1173.8/t C&F, explaining this by high oil prices, although the Egyptian GASC at the same time purchased a batch of sunflower oil at a price of $1,170/t C&F. Against the background of reduced demand, prices for Russian sunflower oil have already fallen to $1,100/t FOB for May delivery, which is the lowest level since July 2021, although prices reached a maximum of $2,350/t FOB on 03/17/22. Soybean oil prices for May delivery are currently $1,120/t FOB Brazil, $1,202/t FOB EU and $1,290/t on the China Dalian exchange, while Dalian palm oil is trading at $1,201/t. Despite the significantly better quality of the spread on sunflower oil relative to soybean and palm oil, it remains negative, but as exports from the Black Sea ports recover, markets will adjust this situation. May futures for soybean oil on the Chicago ...