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Sunoil: Black Sea Dragged Down on Lack of Buyers

16 Mar 2019 9:09 am
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Mumbai (Commoditiescontrol)- A lack of buying interest on Friday and weaker soyoil futures saw the Black Sea sunoil market slip further at the end of the week, closing the week $3/mt lower to its lowest value since the start of March.

The May-June loading window was offered in Chornomorsk at $665/mt but failed to attract any appetite from buyers and offered further down to $664/mt, with the nearest buyer at $658/mt. The full April-May-June window was offered at $667/mt against a buyer at $660/mt and the Q3 window heard in a bid-offer range of $665-672/mt, all basis Chornomorsk.

On the spot market, April loading in Chornomorsk was heard offered at a spread to FOB Mykolaiv at a $2/mt port premium. The Black Sea contract continued its bearish trend set in during the second half of this week, tracking weaker palm and soyoil futures, and further pressured a weakening sunoil FOB 6-ports market, which slid back to $695/mt.

Port stocks were reported at 293,000 mt, down 22,500 mt on the week with March line-up expected at 618,000 mt.

US soyoil futures traded gradually higher in the morning but slipped when the US National Oilseed Processors Association (NOPA) reported that US February crush came in just under 155 million bushels, below the expected 158.7 million.

After heavy losses for a third consecutive week on the Malaysian palm oil, futures saw a marginal rebound on Friday as the May contract closed 0.15% higher at MYR2,066 ($505.3/mt). Futures are down 6% since the start of the month – an equivalent of $32/mt – as slow overseas demand and heavy stocks drag the market down.

And Indian total vegoil imports for February rose 7.4% on the year to 1.24 million mt. But these were down on the month as an increase in soyoil imports of 9% to 430,359 mt did not offset a fall of 8% in palm imports of 751,703 mt. Meanwhile sunoil imports were static at 200,000 mt.

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