An improvement is expected in sunflower oil production worldwide

The global production of sunflower oil is set to see an improvement in the current cycle, with a notable increase in milling activities in Russia, despite reductions in Argentina and Ukraine, as reported by Oil World. The production of sunflower seeds is expected to rise by 3.9% reaching 57.8 million tons, and the global grinding is projected to increase by 4.3% to 54.3 million tons. Consequently, sunflower oil production is anticipated to grow by 4.8% to 23.1 million tons, thanks to significant contributions from key producers like Russia, Ukraine, and Argentina. Moreover, global shipments of sunflower oil are expected to surge by 7% to 15 million tons, with Russia and Ukraine being the primary exporters. Despite these increases, global consumption of sunflower oil will remain high at 23.2 million tons. In Argentina, while sunflower seed production estimates are unchanged, there's a slight uptick in oil production and exports. Additionally, grain grinding in January 2024 experienced a significant year-on-year increase of 27.7%.