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Driven by the fluctuations in the Middle East, the increase in oil prices over the past week amounted to 3.8%, leading to an increase in prices for vegetable oils.
Exchange futures for palm oil in November on the Bursa platform rose by 3.5% over the week to 3947 ringgits/ton or 907 $/ton (+2.5% monthly) due to the activation of exports in September, after a reduction in August.
Data from ITS indicates that from September 1 to 20, Malaysia increased palm oil exports by 10% to 953.98 thousand tons, compared to the same period in August.
In the 2024/25 financial year, there is expected to be an increase in demand for vegetable oils in India from 16.3 to 16.8 million tons, which will lead to an increase in palm oil imports from 9.44 to 9.8 million tons, soybean oil from 3.2 to 4 million tons, while sunflower oil deliveries will decrease from 3.55 to 2.85 million tons. In August, the country reduced imports of edible oils by 17% compared to July, to 1.53 million tons.
On the Chicago Mercantile Exchange, futures for soybean oil in December saw a growth of 6.2% over the past week to 912 $/ton (+2.5% for the month). A reduction in the processing has lowered soybean oil stocks, but increased offerings of the new soybean crop will resume processing in September and lower soybean oil prices.
Export prices to Ukrainian ports of the Black Sea for sunflower oil reached 930-935 $/ton, while in Bulgaria and Poland they remained at 960-970 $/ton.
According to the forecast of the Oil World company (Germany), in the 2024/25 financial year, global sunflower oil exports will decrease from 16.02 to 13.91 million tons compared to the previous season, leading to an increase in prices and premiums for sunflower oil compared to palm and soybean oils.
