Turkey reduced the tariffs on the import of sunflower seeds and unrefined oil.

The Turkish government is lowering import duties on sunflower seeds from 10% to 12% and on crude sunflower oil from 36% to 30% starting from October 1, according to international news agencies. The government claims that by reducing the import duty, they will support the vegetable oil sector in Turkey by increasing the profitability of processing plants, stabilizing prices in the domestic market, and boosting exports of refined sunflower oil to the Black Sea and Mediterranean regions. The harvest in the Black Sea region is already increasing the supply of sunflower seeds and lowering prices, as processing plants do not want to buy large batches at high prices at the beginning of the season. However, forward contract prices for sunflower seeds in Ukraine reached $680-690 per ton with VAT at the end of August, depending on the oil content in the raw material. Demand prices for sunflower oil in Ukraine are holding at levels of $1170-1200 per ton, with only individual batches trading ...