Global sunflower oil prices are changing again; the eyes of the world are on Turkey

Published 2023년 6월 6일

Tridge summary

International vegetable oil prices, including palm, soybean, and canola oil, are experiencing a decline due to reduced imports despite increased production. The most significant drop is seen in sunflower oil prices, driven by an anticipated increase in customs duty on sunflower seeds and oil in Turkey, a key buyer. The fall in sunflower oil prices is also attributed to the fear of reduced imports due to an expected rise in import duties on these commodities in Turkey. Meanwhile, sunflower production in the European Union, particularly in France, is expected to increase, which may further impact oil prices. In Turkey, expectations of a good sunflower harvest could also contribute to reduced imports, making it crucial for Ukraine to maintain competitiveness by lowering prices to retain Turkey as its main buyer.

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

Original content

Vegetable oil prices are falling in international markets. Palm oil, soybean oil and canola oil prices are declining due to weakening imports despite increased production. A sharp decline is observed in sunflower oil prices. The most important reason for this is the increase in exportable products and the high customs duty expected to be imposed on sunflower seeds and oil in Turkey, which is one of the main buyers of Black Sea oil. UKRAINIAN OIL CHEAPED $286 IN 3 MONTHS FAO's Vegetable Oil Price Index fell 8.7 percent on a monthly basis in April. The index fell about 48.2 percent below its level a year ago. The ton price of Sunflower oil in international markets has decreased by 435 dollars, or approximately 33.85 percent, to 850 dollars since the beginning of the year. After the war that broke out between the largest producers, Russia and Ukraine, the prices, which reached a record level of 2400 dollars, decreased by 60 percent in the last 1 year. Sunflower oil prices in the ...

Source: Haber7