For the Quarter Ending June 2023
North America:
In the North American region, Sunflower Oil prices mirrored the market trend observed in Europe during the second quarter of 2023. The prices experienced a continuous decline since the beginning of the year, and market sources anticipated this downward trend to persist throughout the quarter. Factors contributing to this trend included the high stocks of sunflower oil in the region, ample supply from European buyers, and the elimination of export duties due to Russia's cessation of the Black Sea grain deal, leading to reduced exports from Ukraine, a major producer. The average dip in Sunflower Oil prices by the end of June exceeded 7 percent. Towards the close of June, changing climatic conditions further impacted import momentum, contributing to the weakened price trend. Economic concerns, such as rising interest rates, also exerted downward pressure on Sunflower Oil prices, influenced by higher energy prices and a slight increase in refinery inventories across the North American region. Consequently, Sunflower Oil prices in the United States settled at USD 840/MT FOB Houston in June, with implications for its use in the biofuel industry.
Asia Pacific:
Sunflower Oil prices in the Asia-Pacific (APAC) region, particularly in the Chinese market, exhibited a declining trend in the second quarter of 2023. Edible oil companies responded to the consistent drop in prices since the beginning of the year by reducing cooking oil prices to destock higher inventories and prepare for new stocks. However, in May, Sunflower Oil prices dropped more than anticipated, surpassing even palm oil prices, attracting consumer attention. Merchants increased their purchases of sunflower oil due to its affordability compared to other oils. Another contributing factor to the price decline was the Russian halt in the Black Sea grain deal, impacting the market as exports from Ukraine, a major producer, decreased, affecting global edible oil supply. China, a significant importer of vegetable oil from Ukraine, experienced Sunflower Oil prices at USD 930/MT CFR Shanghai as a result.
Get Real Time Prices of Sunflower Oil: https://www.chemanalyst.com/Pricing-data/sunflower-oil-1315
Europe:
The European market for sunflower oil concluded the second quarter of 2023 on a bearish note, marked by a consistent decline in prices. Ukraine, a major exporter of vegetable oil, flooded the global market with vegetable oil at a lower-than-usual price. Despite the 60-day extension of the Black Sea Grain Initiative, confirmed on May 18, which did not alleviate the downward pressure on sunflower oil prices, the European market remained burdened with stocks purchased promptly before the deal's renewal. Towards the end of the second quarter, market analysts reported a drop in the processing of sunflower oil mills in Ukraine for the second consecutive month, reaching the lowest monthly result since the start of the current harvest season. June and July's rainfall led to fluctuations in soybean oil prices on the south side amid an abundance of global exportable supplies. Sunflower Oil prices in Ukraine settled at USD 755/MT FOB Chornomorsk and USD 765/MT FOB Novorossiysk in Russia.
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