Ukrainian sunflower oil prices fell on all delivery bases and yesterday fell below the $1,000/t level to $990/t for April delivery on a CIF-Turkey basis and $980/t on a CIF-Varna basis, although recently European buyers could not to compete with the Turkish ones, as prices were on average 4.5% higher in the latter.
Spot orders for sunflower oil in the ports of Ukraine fell by $125/t to $900/t SRT in two months, which is the lowest level since October 2020.
Analysts believe that the prices of Black Sea sunflower oil are under pressure from the drop in prices for soybean and European rapeseed oil. As for further price dynamics, in the near future, quotations are expected to continue to fall due to large stocks of sunflower oil in China and significant offers from European producers, as well as the abolition of export duties in India. In addition, Ramadan, which runs from March 22 to April 21, will also reduce demand. In the long term, prices are expected to recover thanks to positive factors such as increased demand from buyers in China and India, reduced production in Argentina due to drought and the development of the palm oil market.
Source: agronews.ua
