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Prices skyrocket1/23/2024 "Soybean oil is the only oil with relatively larger availability footprints after palm oil, especially in the absence of Black Sea sunflower oil supply due to the war," Anilkumar Bagani, commodity research head at edible oil brokerage Sunvin Group, said April 22.Īccording to him, the current scenario of disruptions in competing regions is supportive for South American soybean oil port differentials. Such gains follow soaring international price references from the Chicago Board of Trade, with nearby futures hovering historical 90 cents/lb after Indonesia's announcement on palm oil exports. Similar oscillation also seen in the Brazilian FOB Paranagua price, which was assessed April 28 at $1,902.59/mt for June loading, 56.7% up on the year and an all-time high. The Argentinian FOB Up River soybean oil outright price was assessed April 28 at $1,909.20/mt for June loading, 57.3% higher on the year and a record level, according to historical data from S&P Global Commodity Insights. The latest push on this upward movement came from Indonesia as the Asian nation, the world's largest producer and exporter of palm oil, banned April 28 the shipments of crude and refined palm oil products to curb rising domestic cooking oil prices. Receive daily email alerts, subscriber notes & personalize your experience.įOB prices in Argentina and Brazil have been on a rising trend since late February, when the Russia's invasion of Ukraine disrupted the sunflower oil supplies from the Black Sea and pushed global edible oil prices sharply up amid already tight stocks.
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