Russian drone strikes on Allseeds oil extraction plant in Ukraine led to a rise in Russian sunflower oil prices

On the morning of December 20, Russian drones attacked Ukraine’s largest oil transshipment terminal, Allseeds, in the port of Pivdennyi , killing one employee and injuring two others, as well as losing thousands of tons of sunflower oil and damaging the plant’s infrastructure. The Russian occupiers’ attacks on Turkish oil tankers sailing from Ukrainian ports and the strikes on the port infrastructure of Black Sea ports have virtually paralyzed seaborne exports from Ukraine and led to a much-needed increase in the price of Russian sunflower oil, which has also supported palm oil prices, which are under pressure from rising inventories. Offer prices for Russian sunflower oil (delivered in January) increased by $40-50/t to $1,240-1,250/t FOB, although demand prices for sunflower oil delivered to India remained unchanged during the week at $1,320-1,325/t CIF Mumbai. Vegetable oil prices in India are under pressure from rising soybean and palm oil supplies and a weakening Indian rupee. ...