New sunflower oil season may be marked by high prices
The 2020/21 sunseed crop forecasts for Black Sea countries have gradually changed from optimistic, record-high values, to a pessimistic scenario.
The crop estimates have been repeatedly adjusted downward as the harvest advanced. The reason was an adverse impact of drought on yields, especially in southern parts of Ukraine and Russia.
Sunseed crop production forecasts made by trade sources still vary within a wide range, UkrAgroConsult reports.
Expectation of both a sunseed crop decline and lower sunflower oil supply was the main bullish factor in the market already at the beginning of this season, when prices reached and exceeded USD 1000/MT for the first time since July 2013. Sunflower oil remains the most expensive in the world.
The latter half of the marketing year is expected to be still tighter in view of sunseed shortages, i.e. the whole season may be marked by high prices.
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