Ukrainian crude sunflower oil export prices gained
Export quotations for Ukrainian crude sunflower oil are up both for the old and new harvest. A deficit in supplies and adverse weather support the prices, Refinitiv Agriculture reports.
"FOB-based sunflower oil prices in Chernomorsk remain high to cover short positions, but in fact the market is inactive. There are no offers for the supply of oil of old harvest on the domestic market," noted the traders.
As noted by analysts, most operators switch to trading oil of the new harvest, but weather conditions raise concerns about the volume and quality of sunflower in the new season. As a result, sunflower crop forecasts in the Black Sea region in 2020 have started declining.
"Prices for Ukrainian sunflower oil of the new harvest have strengthened on intensified demand from China and following the upward trend in the exchange quotations. Over the past week, supply prices for November-December shipment added 25-30 USD/t to 770-780 USD/t FOB," the analysts said.
Growers in southern Ukraine have started harvesting sunflowers. As with winter crops, results are globally disappointing this year.