Sunflower oil prices rally discouraged buyers
Ukrainian sunflower oil supply prices in July-August remain high at 770-780 USD/t FOB as a result of limited supply, Grain Trade informs.
"However, there is no buyer activity and there is barely any demand from India for vegetable oil of the old harvest," the experts said.
As reported, prices for sunflower oil of the new harvest with delivery in October-November also reach 710-720 USD/t FOB, even despite the sunflower areas increase in Ukraine and Russia and crops condition improved by precipitation. Both the demand and sales are active.
Generally, the gradual rise in prices for vegetable oils has led to a decline in demand from buyers, and a possible second wave of Covid-19 in China and increasing political tensions between China and India may drive prices down, experts say.
As a reminder, Egypt's General Authority For Supply Commodities (GASC) cancelled a tender for the purchase of vegetable oils.