Despite the drop in prices, the rate of sunflower oil exports from Ukraine remains high

In May, Ukraine's sunflower oil exports saw a decrease of 91,000 tons from the record-breaking April figures, but overall, the 2022/23 marketing year exports reached 4.2 million tons, surpassing initial forecasts. Turkey was the primary buyer, and despite interruptions in the grain corridor, exports have remained high. Sunflower oil purchase prices have dropped to $710-720/t for deliveries to Danube ports and $800-820/t DAP to EU countries. However, exports to India and China have slowed due to Black Sea port blockades, and EU shipments have ceased due to low demand. Sunflower exports for the marketing year reached 1.9 million tons, below the forecasted 2. million tons, which will impact processors' margins. Additionally, the Ukrainian Grain Association predicts an increase in sunflower sowing area in 2023, leading to a harvest of 12.7 million tons, with 1.2 million tons expected to be exported. The harvest projections also include rapeseed at 3.8 million tons and 3.5 million tons for export, and soybeans at 4.4 million tons and 3 million tons for export.