14 August 2013 18:28 [Source: ICIS news]
LONDON (ICIS)--Increased biodiesel production in Argentina could increase supplies of kosher genetically modified (GMO) crude glycerine in Europe and exert downward pressure on prices, according to sources on Wednesday.
“Argentina has sold 400,000 tonnes of biodiesel in past couple of months. There’s a huge amount being produced and a lot of crude glycerine to shift and this is putting pressure on prices,” one source said.
“I don’t expect this downward pressure to be huge though,” the source added.
“I bought 4,000 tonnes of crude glycerine from Argentina for September delivery,” another source said.
“The biodiesel market is quiet but Argentinean product is still competitive. I expect to see soybean methyl ester (SME) back in the European market as a result of lower soybean oil prices,” the source added.
($1 = €0.75)
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