Ukrainian sunflower oil price topped USD 730 per ton
Export quotations for Ukrainian sunflower oil surged to a 3-month high and exceeded 730 USD/t FOB Chernomorsk, Refinitiv Agriculture reports.
"The active external demand and the need to cover previously concluded contracts in conditions of limited supply drove the price up," the report reads.
The reduced supply of Russian sunflower oil made importers move to buy Ukrainian product. As noted by Ukrainian traders, the strengthening crude oil prices have also supported it.
As reported, the supply of oil and sunflower seeds is rather limited and traders expect the prices to strengthen further.
A Kyiv-based trader informed that Ukrainian sunflower producers are not actively selling.
"The balance is extremely tough," another trader confirms.
Earlier it was reported that there is a strong trend towards containerization of sunflower oil export shipments by sea in 2018/19 and 2019/20.