Competition for sunflower seed stocks supports high prices in Ukraine
The global oilseed complex ended last week with moderately positive momentum.
According to Spike Brokers, palm oil recovered part of its recent losses, supported by stronger crude oil prices and improved export demand, while sunflower oil on the European physical market remained close to $1,490/t FOB Northern Europe.
In Ukraine, the market is approaching the end of the season with minimal sunflower seed stocks. Although prices remained stable throughout the week, competition among processors for the remaining supplies continues to support high procurement prices.
On the domestic processing market, sunflower seed purchase prices remained at $721/t CPT plant, according to the brokers.
The July report from the U.S. Department of Agriculture (USDA) slightly revised the global sunflower balance sheet. The global production forecast was raised by 0.44 mln tons to 57.31 mln tons, mainly due to an increase in Russia’s crop estimate from 17.5 mln tons to 18.0 mln tons. At the same time, Ukraine’s production forecast was lowered from 15 mln tons to 14.5 mln tons, partly offsetting the increase in global supply and maintaining a more balanced market outlook.
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