In Ukraine, Black Sea sunflower oil prices drop by 15% over past two months

Published 2023년 3월 27일

Tridge summary

Sunflower oil prices in the Black Sea region have dropped by 15% over the past two months, reaching a two-and-a-half-year low due to banking crisis pressure and a decrease in soyabean oil futures and European rapeseed oil values. High sunflower oil stocks in China, ample supply from European buyers, and the removal of export duties in India are expected to continue driving prices down in the short term. However, long-term prices are predicted to rise due to increased demand from China and India, reduced soyabean crops in Argentina, and potential developments in the palm oil market. A decrease in sunflower oil production and supply from Ukraine is also expected to increase prices.

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

Original content

Sunflower oil prices in the Black Sea region have fallen by 15% over the past two months, hitting their lowest level in two-and-a-half years, AgriCensus reports. The crisis in the banking system had put additional pressure on the sector, the 16 March report added. According to AgriCensus monitoring data, prices for sunflower oil in the region have dipped on all delivery bases and, on the day of the report, fell below the US$1,000/tonne threshold to stand at US$990/tonne CIF Turkey and US$980/tonne CIF Varna, landing in April. At one time, European buyers could not compete with Turkish buyers on price, as the latter’s prices were on average 4.5% higher, the report said. Over the past two months, spot bids for sunflower oil in Ukrainian ports had dropped by US$125/tonne to US$900/tonne CPT, their lowest level since the end of October 2020, AgriCensus wrote. According to analysts, Black Sea sunflower oil prices were also feeling pressure from the fall in soyabean oil futures and ...

Source: UkrAgroConsult