Low sunflower harvest could encourage Turkey to reduce current high import duties

Published Nov 8, 2023

Tridge summary

Experts have revised their estimate of the sunflower seed harvest in Turkey for the 2023/24 season, predicting a decrease to 1.35 million tons compared to the previous season's 1.86 million tons. Market participants speculate an even greater reduction to 1.2 million tons due to extreme heat and drought. The decline in yields raises doubts about Turkey's ability to maintain high import duties on sunflower seeds and oil, which have already limited imports and led to increased sunflower oil exports, primarily to Ethiopia, Iraq, Sudan, Yemen, and Syria.

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

Original content

Oil World (Germany) experts have reduced the estimate of the sunflower seed harvest in Turkey in 2023/24 MY to 1.35 million tons compared to 1.86 million tons collected the previous season. At the same time, various market participants point to an even greater reduction in production – to 1.2 million tons. The sharp decline in sunflower yields due to extreme heat and drought in the country calls into question the possibility of the Turkish government maintaining the current high import duties on sunflower seeds and oil, as originally planned. Let us recall that the introduction of high import duties and accumulated sunflower reserves at the beginning of 2023/24 MY (390 thousand tons compared to 40 thousand tons at the beginning of the previous season) limited the import of sunflower oil in August and September of this year. Thus, since the beginning of the current season, Turkey has imported only 56 thousand tons of sunflower seeds and 203 thousand tons of sunflower oil versus 324 ...

Source: Oilworld