World: Sunflower oil is rising in price following palm oil

Published 2024년 11월 11일

Tridge summary

Global demand for vegetable oils is outstripping supply, leading to a significant increase in prices. Russian sunflower oil exports from Novorossiysk have seen an 11% monthly and over 40% annual increase, impacting domestic prices which have risen by 25% since September. This trend is expected to be further restrained by growing export duties. The price surge is due to biofuel mandates in the US and Indonesia, which have increased demand and decreased supply for the foreign market, causing a feeling of shortage and market panic. The rise in palm oil prices is also stimulating demand for sunflower oil.

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

Original content

High global demand and reduced supply of vegetable oils have led to higher prices. The export price of Russian sunflower oil delivered from Novorossiysk has increased by 11% in a month and by more than 40% in a year. This has an impact on domestic prices, which have increased by 25% since September. However, the dynamics may be further restrained by growing export duties. The FOB Novorossiysk sunflower oil export index at the beginning of November was $1.09 thousand per ton, having increased by 11% compared to the beginning of October and by 43.2% year-on-year, according to the Price Index Center (PIC). The over-the-counter export index of the National Commodity Exchange on November 8 reached $982.4 per ton, having increased by 4.6% in a month. According to SovEcon, last week the cost of sunflower oil based on FOB Novorossiysk was $1.1 thousand, having increased by 1.9% compared to the previous week. Dmitry Rylko, CEO of the Institute for Agricultural Market Studies (IKAR), ...

Source: Milknews