Achi news desk-
Last week, sunflower purchase prices in Ukraine increased by 400-600 UAH / t 15,000-15,500 UAH / t (including VAT) with delivery to the plant against the background of a 4% increase in sunflower oil prices , as well as a jump in the dollar exchange rate by almost 2% for the last two weeks. Many processors were paying a higher price for fast delivery, but at the end of the week they lowered their prices following the drop in the interbank dollar rate. This is reported by GrainTrade, writes agronews.ua.
Demand prices for sunflower oil with delivery to buyers for the week increased $10/t to $855/t, but in Ukraine, spot prices in Black Sea ports remained at $770-785/t, while demand prices for sunflower oil sun in Black Sea ports ports increased $5-10/t $170-175/t.
The export of sunflower oil from Ukraine for March 14-20 compared to the previous week increased by 67% to 178 thousand tons, and overall in 2023/24 MR reached 3.6 million tons from the 6 million tonnes predicted.
Demand for Ukrainian sunflower for delivery to Bulgaria increased by only $5-10/t $420-435/t DAP.
Rising oil prices have led to higher prices for palm and soybean oil, supporting sunflower oil prices, which remain the most affordable on the market.
However, last week palm oil prices fell 2.3% to $891/t, while May soybean oil futures fell 3.8% to $1,048/t. It is likely that prices will also continue to decline in April due to a seasonal build-up in soybean and palm oil supplies.
So far, sunflower oil prices have been supported by an unexpected drop in sunflower production forecasts in Argentina, where heavy rains could damage crops and reduce yields. According to the Buenos Aires Grain Exchange (BAGE), on March 20, the sunflower in the country has been threshed 59.2%, and the average yield is 2 t / ha compared to 1.95 t / ha last week .
However, exchange experts lowered the forecast for the sunflower harvest in 2023/24 MR by 0.2 to 3.6 million tonnes (4.6 million tonnes in 2022/23 MR) and left the soybean harvest forecast at 52.5 (25) million tons.
At the same time, the Sagyp agency lowered the forecast for the sunflower harvest in Argentina in 2023/24 MR 0.1 to 4.4 million tons.
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