Globally, the Black Sea sunflower oil prices fall 15% past two months to 2.5 year lows

Published 2023년 3월 17일

Tridge summary

Sunflower oil prices in the Black Sea region have dropped by 15% in the past two months, reaching their lowest level in two and a half years due to pressure from the vegetable oil market and the banking crisis. The prices have fallen across all delivery bases and are currently at $990/mt CIF Turkey and $980/mt CIF Varna. The decline in soybean oil futures and European rapeseed oil values have also contributed to the pressure. In the short term, prices are expected to continue to fall due to high stocks of sunflower oil in China, sufficient supply from European buyers, and the abolition of export duties in India. However, a recovery in prices is predicted in the long term due to factors such as increased demand from Chinese and Indian buyers, declining soybean crops in Argentina, and decreasing production and supply of sunflower oil from Ukraine.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sunflower oil prices in the Black Sea region have fallen by 15% over the past two months, reaching their lowest level in the last two and a half years, as bearish sentiment in the vegetable oil market puts pressure on prices and the crisis in the banking system puts additional pressure. Prices for sunflower oil in the world’s largest exporter have dipped on all delivery bases and Thursday, according to Agricensus monitoring data, they crossed the $1,000/mt threshold to stand at $990/mt CIF Turkey and $980/mt CIF Varna, landing in April. Not so long ago, European buyers could not compete on price with Turkish buyers, as Turkish buyers’ prices were on average 4.5% higher. Spot bids for sunoil in Ukrainian ports fell $125/mt in the last two months to $900/mt CPT Thursday, its lowest level since end-October 2020. In addition, according to analysts, Black Sea sunflower oil prices were feeling pressure from the fall in soybean oil futures and in European rapeseed oil values across the ...

Source: UkrAgroConsult