Sunflower oil prices on FOB 6 ports soared to $1,085/t

Published Sep 25, 2024

Tridge summary

As of September 24, sunflower oil prices at six major ports rose to $1,085 per ton for October-December delivery, marking a $30-35 increase from the previous week, with further rises on September 25. According to Serhiy Repetsky from Sunstone Brokers, this surge is not due to China's economic measures but is driven by India's substantial purchases, totaling 125,000 tons in three days, and a $50 per ton increase in CIF India prices to $1,115 per ton. Sunflower oil is now $20 per ton more expensive than soybean oil on a CIF India basis, bolstering strong demand.

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

Original content

As of September 24, the ideas of buyers of sunflower oil on FOB 6 ports soared to $1,085/t with delivery in October-November-December. This is 30-35 $/t higher compared to the levels at the end of the previous week. On September 25, FOB prices of 6 ports continue to rise, writes ASAP Agri. ASAP Agri asked Serhiy Repetsky, a partner at Sunstone Brokers, if China's attempts to boost its economy and stock markets were the cause of this price jump. "China's actions in this case have absolutely nothing to do with the rise in sunflower oil prices. China's goal is primarily to revive mortgage lending, because a lot is being built and nothing is being sold. How much sunflower oil was sold in China after these measures were announced? How much have prices increased there? Perhaps by $5/t. How much was sold to India in 3 days? 125 thousand tons of sunflower oil were sold. Trading levels on CIF ...

Source: Elevatorist