Sunflowerseed price in Ukraine hit season's highest: analyst

Sunflowerseed harvesting campaign has started in Ukraine. The yield at the start is 2 t/ha. Prices for the crop have practically reached their seasonal bottom, Zernotorg.ua analyst Oleksandr Tyshchenko says, Kurkul.com reports. According to him, sunflower prices still remain significantly higher than the previous year.

Now the price of sunflowerseeds is at the level of UAH 16 thou. In 2020, on the reporting date, the price was at the level of UAH 11.5 thou., and in 2019 UAH 9.6 thou.

"Traditionally, in September the market trend reverses. Contrary to expectations of a rich sunflower harvest, no further decline in prices is expected. Now the vegetable oil market is supported by a strong bullish trend for palm oil which is at record-high price levels," adds Oleksandr Tyshchenko.

The global economy is still under inflationary pressure in commodity markets which also drives prices up, he notes.

As of 26 August, sunflower harvest made up 9 thou. t on 4.5 thou. ha using the average yield of 2 t/ha.