Sunflower prices are gradually being restored

Another jump in world oil prices led to higher prices for vegetable oils, resulting in Ukraine has intensified the procurement of sunflower and up the purchase price. During the month, prices for sunflower seeds grew by 4000 UAH/t, and then collapsed to 3000 UAH/t, which keeps the market in suspense.

Monday purchase prices for sunflower seeds continued to grow following the quotations of sunflower oil and reached 13000-13700 UAH/t with delivery to the plant.

with rapid growth markets of palm and soybean oil prices for Ukrainian sunflower oil per day increased to 20-30 $/t to 920-930 $/t FOB. Significantly supported the price of the tender held in Egypt, where the Agency GASC bought 26 thousand tons of Ukrainian sunflower oil with delivery 25 Nov – 15 Dec at the highest price the last 3 years - 953 $/t CFR.

To tender also for the first time after several may domestic tenders were procured two batches of soybean oil to 30 kt in companies ADM and Posco Daewoo at the highest since January 2020 price 860 $/t CFR.

Futures on palm oil exchange in Malaysia yesterday rose 3.6% to 2818 Ringgits/t or 678,87 $/t. Analysts at Fitch Ratings predict that in 2020 the price of palm oil will remain at the level of $600/t, and in 2021 – at 560 $/t due to the strong rains caused by La Nina.

Futures for soybean oil in the US rose yesterday by 1.2% to 726,6 $/t with the support prices for soybeans.

rain in the West and center of Ukraine delayed sunflower harvesting, which leads to higher prices amid tight supply. The average yield in these regions is 2.5-2.8 t/ha, which can improve the average yield in the country is projected to 2.2 t/ha.