Last week, exchange prices for palm and soybean oil saw a slight increase.

The Egyptian state-owned operator GASC conducted an international tender and purchased a significant volume of vegetable oils, including sunflower oil, at a price 2% lower than the prices on August 16th.

The number of bids submitted sharply increased compared to the previous tender: for sunflower oil, there were 12 offers at prices ranging from $990 to $1,064 per ton C&F (which was $16 to $59 per ton lower than the previous tender), and for soybean oil, there were 8 offers at prices ranging from $1,070 to $1,096 per ton C&F (which was $45 to $46 per ton lower than the previous tender).

As a result, GASC acquired 124,000 tons of vegetable oils with immediate payment and delivery scheduled from October 6th to November 5th, 2023. This includes 109,000 tons of sunflower oil at a price of $970 per ton C&F, which is 2% lower than the price in the August 16th tender and 11% lower than the price in the July 26th tender. Additionally, 15,000 tons of soybean oil were purchased at a price of $1,010 per ton C&F, which is 13.9% lower than the price in the July 26th tender.

The sunflower oil was purchased from Ukrainian, Bulgarian, and Russian producers by the following companies:

• 30,000 tons from Viterra,
• 12,000 tons from TOI Commodities,
• 12,000 tons from Inerco,
• 24,000 tons from Green Suppliers,
• 20,000 tons from Oliva AD,
• 11,000 tons from Aston Agro Industrial.

The 15,000 tons of soybean oil were purchased from Inter Grain SA.

Last week, exchange prices for palm and soybean oil increased slightly due to hot weather in the United States and forecasts of a reduced soybean crop.

October palm oil futures on the Bursa Malaysia Exchange rose by 2% to 3,962 ringgit per ton or $854 per ton (+2.4% for the week). However, prices remain under pressure due to a decrease in exports from the country.

According to AmSpec Agri Malaysia and Intertek Testing Services, the export of palm oil products from Malaysia decreased by 4.3-7.8% from August 1st to August 25th compared to the same period in July.

December soybean oil futures on the Chicago Board of Trade (CBOT) rose by 0.3% to $1,396 per ton on Friday (-1% for the week), while bid prices for sunflower oil with delivery to buyers during the week dropped from $920 to $895 per ton.