Spain's Larger Sunflower Area Puts Downward Pressure on Oil and Meal Prices

Sunflower oil and meal prices in Spain decreased, as the country increased the area planted under sunflowers. Spain's initial estimates for the whole country were 673,978 ha, a 7.6% YoY increase. However, the Castilla-La Mancha region was able to increase the area from 150,000 ha in the initial estimate to over 180,000 ha. As a result, sunflower oil prices decreased slightly as the larger area became apparent, however, buyers returned to the market to secure their future supplies.