Globally, the Black Sea sunflower oil prices fall 15% past two months to 2.5 year lows
Refined Sunflower Oil
Turkiye
Published Mar 18, 2023
Tridge summary
Sunflower oil prices in the Black Sea region have fallen by 15% over the past two months, reaching their lowest level in the last two and a half years, as bearish sentiment in the vegetable oil market puts pressure on prices and the crisis in the banking system puts additional pressure.
Original content
Prices for sunflower oil in the world’s largest exporter have dipped on all delivery bases and Thursday, according to Agricensus monitoring data, they crossed the $1,000/mt threshold to stand at $990/mt CIF Turkey and $980/mt CIF Varna, landing in April. Not so long ago, European buyers could not compete on price with Turkish buyers, as Turkish buyers’ prices were on average 4.5% higher. Spot bids for sunoil in Ukrainian ports fell $125/mt in the last two months to $900/mt CPT Thursday, its lowest level since end-October 2020. In addition, according to analysts, Black Sea sunflower oil prices were feeling pressure from the fall in soybean oil futures and in European rapeseed oil values across the vegoil complex. Regarding future price developments, market sources suggest that the downtrend will continue in the short term, as high stocks of sunflower oil in China and sufficient supply of European buyers, as well as the abolition of export duties in India will continue to put ...
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