Ukraine: The price of sunflower oil fell to a historic low

Due to the banking crisis and the pessimistic mood in the markets in the Black Sea region, the price of sunflower oil fell by 15%. This is reported by graintrade.com.ua. The prices for sunflower oil from Ukraine on the markets fell below $1,000/ton. According to analysts, the price of Black Sea sunflower oil is falling under the pressure of rapeseed oil prices in Europe, as well as soybean oil prices. From the future dynamics of prices, experts expect a further decrease in quotations due to significant reserves of sunflower oil in the People's Republic of China and a large supply of European producers. It will also be affected by the fact that export duty will be abolished in India. An increase in demand is expected due to the celebration of Ramadan from March 22 to April 21. In the long-term perspective, experts expect the recovery of prices due to the recovery of demand from Indian and Chinese buyers, the entry into the palm oil market, and the reduction of the soybean harvest. ...