Prices for soybean and palm oil are falling due to uncertainty surrounding green energy programs in the US and production cuts.

Prices for soybean oil in Chicago have dropped due to uncertainty in the US green energy program.

Meanwhile, futures for palm oil in Malaysia have also decreased due to a decline in exports.

Prices for sunflower oil in Ukrainian ports remain stable, but sunflower meal is becoming cheaper.

There is high demand for sunflower seeds due to a shortage of global supplies.

23 November 2024

During two trading sessions at the Chicago Mercantile Exchange, December soybean oil futures experienced a 5% decrease, reaching $954/ton (+1.9% for the month). This happened due to uncertainty surrounding green energy programs, brought on by the new U.S. administration. The quotes did not receive support from reports of a rapid reduction in the soybean crop forecast in the U.S. and an increase in soybean processing volume in October, which reached a record level.

Also, at the Bursa Malaysia Exchange, December palm oil futures fell by 3.8%, reaching 4899 ringgit/ton. Prices decreased by 1.3% for the week.

According to survey data, Malaysia reduced palm oil exports from 1st to 20th November by 1.4-5.3% compared to the corresponding period in October, however, traders predict further production cuts.

At the same time, sunflower oil prices in Ukrainian ports remain stable this week at the level of 1140-1160$/ton, while prices for meal continue to decline to 185-195$/ton.

Analysts agree that due to the reduction in sunflower crop in Ukraine from 15 to 10 million tons and the lack of available raw materials, processors will have to keep oil prices at a high level. Experts note that the premium for sunflower oil compared to soybean and palm oil will be maintained due to a deficit in global supplies.

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