Sunflower Oil Market Report
There is a sentiment change this week and veg oil complex appears to be well supported. Despite of the lower export number from Malaysia we see supported MDEX and bean oil too looks well supported. Hedgefunds have exited longs in Brent crude and we see sharp correction in crude oil prices. Currencies are stable today with INR and other Asian currencies firming up against the dollar and improves sentiments of the buyers. Indians are trying to sell local oil at par with international market or replacement but still we see USD 40 as disparity in Sunflower oil. Demand for Sept month is still hot but the buyers expect prices to come close to new crop before they make a commitment. OND is being offered aggressively with offers below 740 for forward months in India and is countered at USD 730. Ukraine is going to harvest best crop or Sunflower seed and Corn. Reuters improve Ukrainian corn crop forecast by 2% vs previous forecast of 27.8 MMT. Source close to us indicates a record of 28.5 MMT which should help Ukraine in agriculture exports.
- Palm oil Midday Market Close
- Bmd: 2246 (+8)
- H2260/L2246
- Vol: 11,280
- oln:
- Sep 562.5
- Oct 577.5 vs 570
- Ond 581 vs 577.5
- Jfm 600 vs 595/? trd 601-598
- Amj 610 vs 605/?
- Jas 615
- rbdpo: -2.5
- strn: Sep 560 (deld pg)
- pfad: Sep 485 (deld)
- Local cpo: Aug 2240
- Indon cpo:
- Sep 540
- Oct 545
- Nov 552.5
- Dec 560
- Jfm 575
- laurics:
- cpko: Sep 229
- rbdpko: Sep 1050
- rbdpkoln: Sep 950
- rbdpks: Sep 1165
- 6 ports Europe sfo seller sept 730 ond 720 jfm 725 amj 735 jas 745
- Black Sea sunflower oil Sept 725 vs 705, OND 700 vs 685, JFM 700 vs 687
- Russian sunflower oil offered USD 700 for oct
- Spain offered at USD 740 vs –
- Italy offered at USD 735 vs --
- CIF India Oct 745, ND 740, JFM 745
- Turkey offered at USD 725 for October
- Currency INR 69.70, Euro 1.1407, RM 4.09, Rub 67.00