World sunflower oil prices sink on prospects of ample supply
The FAO Vegetable Oil Price Index averaged 168.6 points in September, up 2.9 points (or 1.7%) month-on-month and about 60% above its year-earlier level.
Reportedly, the increase was mainly driven by higher palm and rapeseed oil values, whereas quotations for soy and sunflower oils declined.
"International palm oil prices rose for a third consecutive month reaching ten-year highs, underpinned by robust global import demand that coincided with concerns over below-potential production in Malaysia due to persisting migrant labour shortages," the report reads.
Analysts add that global rapeseed oil prices also appreciated markedly, fueled by protracted global supply tightness. By contrast, world soy and sunflower oil prices declined in September on, respectively, uncertainties regarding soyoil uptake by the biodiesel industry and prospects of ample global supplies in the 2021/22 season.
Inside view: Vegetable Oil Refinery and Deodorization Plant in Ukraine
Sunflower harvesting in Ukraine as of 30 September progressed to 42% of the projected area, soybean was 28% harvested. New crop rapeseed bulk yield in the 2021 crop year totalled 2.9 mln t.
The Association Ukroilprom projects sunflower production in Ukraine at 16 mln t, 24% higher from YoY.
The USDA in its September report put the projection for vegetable oils export from Ukraine in 2021/22 at 7 mln t.