Ukraine: Canola, and sunseed weigh on European vegetable oil

Published 2023년 5월 12일

Tridge summary

Record volume imports of Australian canola and Ukrainian sunflower seed have contributed to a significant drop in European vegetable oil prices, reaching their lowest levels since late 2020. This decrease is largely due to the oversupply in the EU market, caused by increased domestic crushing of oilseeds and imported soybeans, canola, and sunflower seed. The Russia-Ukraine conflict has led to a shift in export patterns, with Ukraine focusing on sunflower seed exports. In contrast, the global fertiliser market is experiencing stabilization after initial disruptions, with supply increases for nitrogen and phosphorus in Russia. The article also highlights changes in trade flows for urea, with Europe sourcing more from the US and Russia exporting to non-traditional markets like India.

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

Original content

Volume imports of Australian canola and Ukrainian sunflower seed have contributed to a sharp drop in European vegetables oil prices to lows not seen since late 2020, according to analysis from Argus Media. The insights were presented in a webinar last week entitled The Russia-Ukraine conflict’s impact on global agriculture & fertilizer markets, with global editorial manager agriculture Jade Delafraye speaking on grains and oilseeds. Ms Delafraye said in light of the Russia-Ukraine conflict, the most dramatic price declines have been seen in vegoil markets, with Australia a contributor because of its “very strong” canola crop. Australian Bureau of Statistics data indicates Australia exported a record 3.4 million tonnes (Mt) of canola in the six months to March 31, the first half of its marketing year. This is up 28 percent from the record 2.66Mt shipped in the corresponding 2021-22 period, with Europe the major destination in both cases. Crushing of the EU’s own oilseeds, as well ...

Source: UkrAgroConsult