The increase in palm oil prices contributes to the increase in the export of sunflower oil from Ukraine

게시됨 2024년 4월 4일

Tridge 요약

Due to a significant rise in oil prices, crude palm oil (CPO) prices have hit a 17-month high, prompting India to shift its import preferences towards sunflower oil, which saw a 51% increase in March to 448,000 tonnes, while its palm oil imports fell to a 10-month low. Despite global uncertainties, Ukraine's sunflower oil exports have remained consistent, with a notable 16% increase in March 2023 compared to the same period last year, contributing to an 18.7% rise in the 2023/24 marketing year from the previous season. This shift has led to a surge in sunflower oil prices in Ukraine, amidst a backdrop of fluctuating global market dynamics influenced by potential geopolitical tensions and weather conditions, which also impact the prices of other oil futures like palm and soybean.

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원본 콘텐츠

Crude palm oil (CPO) prices rose to a 17-month high amid rising oil prices, leading to increased sunflower oil imports by India and exports from Ukraine in March. India increased sunflower oil imports in March by 51% from February to 448,000 tonnes, the second-highest on record, while palm oil imports fell 3.3% to a 10-month low of 481,000 tonnes. In March, Ukraine exported 608,000 tons of sunflower oil, which corresponds to the level of January and February, but is 16% higher than in March 2023. In general, in 2023/24 MR, the export of sunflower oil increased compared to the previous season by 18.7% from 3.2 to 3.8 million tons, while the USDA forecast is 5.75 million tons (5.7 million tons in 2022/ 23 MR). In order to achieve it, it is necessary to export 400,000 tons of oil in April and August, while during the first 7 months of the season, the average shipment rate was 575,000 tons. In 2022, Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, and in 2023 - ...

출처: Graintrade