India buys Russian sunflower oil at record price

Russia's sunflower oil could help the world's biggest edible oil importer close the deficit at a time when vegetable oil availability is tight due to Indonesia's decision to restrict palm oil supplies and a slump in harvest. of soy in South America. “As ship loading is not possible in Ukraine, buyers are trying to secure supplies from Russia,” said Pradeep Chowdhry, managing director of Gemini Edibles & Fats India Pvt. Ltd, which contracted 12,000 tonnes of Russian sunflower oil for shipments in April. Refineries bought crude sunflower oil at a record $2,150 a tonne including cost, insurance and freight (CIF) from India for shipments in April, compared with $1,630 before Russia invaded Ukraine, traders said. Sunflower oil was cheaper than rival palm oil and soybean oil before the conflict, but as supplies from Ukraine's biggest exporter stalled, buyers had to pay a high premium, Chowdhry said. The Black Sea accounts for 60% of world sunflower oil production and 76% of exports. ...