Global: In July, sunflower oil prices may drop by another $20/ton

Published 2024년 6월 28일

Tridge summary

The Sevilla VegOils&Meals Trade conference concluded with experts predicting stable sunflower oil prices in the short term, but with potential drops and increases depending on weather conditions and the new harvest. Current concerns are centered around the large stocks of the old crop and uncertain sales market, as shown by Egypt's decision to contract only a small amount of sunflower oil despite offering 152 thousand tons at a recent tender. The average price of sunflower oil delivered to customers has slightly decreased by 2.2% over the past week.

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

Original content

The participants of the Sevilla VegOils&Meals Trade conference, which took place on June 14, expressed a common opinion that sunflower oil prices will remain stable in the short term, ASAP Agri reports on its resource. At the same time, Sunstone Brokers expert S. Repetsky predicts that in July the prices of crude sunflower oil may fall by $20/t to $960-980/t CIF Mersin and $1000-1025/t CIF India, and further price trends will depend on the weather conditions and productivity prospects. "Already at the beginning of August, sunflower oil prices may rise by $30/t in anticipation of the new harvest, which causes some concern. Traders are already contracting oil of the new crop, but the difference between the new and the old crop does not change, which indicates significant stocks of sunflower of the old crop and uncertain prospects of the sales market," said S. Repetsky. "At the tender for the purchase of vegetable oils in Egypt on June 13, 152 thousand tons of sunflower oil of the ...

Source: Graintrade