Black Sea sunflower oil demand price reached $1000

Against the background of expectation of sunseed crop reduction in 2024/2025 season, sunflower oil price starts to grow.

In Rotterdam, sunflower oil traded at a 29 USD/t premium to soybean oil on October 1. Seasonal pressure on supply was offset by uncertainty about the size of the sunseed harvest in Eastern Europe, Ukraine and Russia, as well as restrained sales of raw materials by farmers to processing plants. Recall, sunflower yield in Bulgaria fell to 1.55 tons/ha, in Romania farmers expect even lower figures – 1.45 tons/ha, analysts expect the lowest yield of oilseed for the last 15 years. The crops in Eastern Europe are suffering from drought and a strong cyclone, which brought destruction and damage to crops. Earlier, Strategie Grains once again lowered forecasts for the EU sunseed crop in 2024 by 0.4 million tons to 8.9 million tons, which would be 10% behind the 9.8 million tons harvested in 2023.

As of October 2, demand prices for sunflower oil in Ukrainian ports increased to 970-1000 USD/t CPT-port, which is on average 20 USD/t higher than last week’s prices.

Sunflower oil bids for October 2024 FOB Black Sea increased by 10 USD/T to 1000.00 USD/t, which is the maximum price for the year. Increase of delivery price for October 2024 for a week amounted to 15 USD/T. During the month the price increased by 80 USD/t.

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Tags: sunflower oil, prices