Over the past two months, sunflower oil prices in the Black Sea region have fallen by 15% to a 2.5-year low under the pressure of pessimism in vegetable oil markets and the banking crisis. According to monitoring data from Agricensus, Ukrainian sunflower oil prices fell on all delivery bases and yesterday fell below the $1,000/t level to $990/t for April delivery on a CIF-Turkey basis and $980/t on a CIF-Varna basis, although recently, European buyers could not compete with Turkish ones, as prices were on average 4.5% higher in the latter. Spot orders for sunflower oil in the ports of Ukraine fell by $125/t to $900/t SRT in two months, which is the lowest level since October 2020. Analysts believe that Black Sea sunflower oil prices are under pressure from falling soybean oil prices and European rapeseed oil prices. As for future price dynamics, quotations are expected to continue to decline in the near term on the back of significant sunflower oil stocks in China and ample supply ...

Source

Graintrade

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