Sunflower prices in Ukraine are falling, despite the high rate of sunflower oil exports

Sunflower Seed

Published Mar 6, 2024

Tridge summary

In the first half of the 2023/24 financial year, Ukraine saw an 18.5% increase in sunflower oil exports, reaching 3.2 million tons. This growth was driven by a 15% increase in exports to Turkey and a significant 54-fold increase to India, despite a 10% decrease in supplies to the EU. The competitive pricing of Ukrainian oil, compared to soybean or palm oil, has contributed to this surge. However, a rise in global soybean oil supply could potentially pressure prices. Meanwhile, sunflower purchase prices in Ukraine have dropped due to a slight decrease in oil prices and a significant fall in sunflower meal prices.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In the first half of the 2023/24 financial year, Ukraine increased sunflower oil exports by 18.5%, from 2.7 to 3.2 million tons, compared to the same period of the previous season. In particular, in February, 603,000 tons of oil were exported, which is 1% less than indicator of January 2024, but 50% higher than the export of February 2023. According to Share UA Potential, compared to January, oil supplies from Ukraine to the EU decreased by 10% to 364.1 thousand tons due to the accumulation of significant oil reserves in Europe. At the same time, exports to Turkey grew by 15% to 81.6 thousand tons, and to India - by 54 times from 0.7 to 38.1 thousand tons. If in 2022 Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, then in 2023 - 5.7 million tons worth $5 billion. According to market analysts, in the current season the Bunge company significantly increased the volume of oil exports, but Kernel remains the largest producer and exporter of sunflower oil in ...

Source: Graintrade