In a significant market shift, the Vesper West EU Forward Price Index for Crude Sunflower Oil as of May 7, 2024, marked a sharp increase from just a week earlier. This rise reflects broader volatility in the market, with FOB prices seeing a notable uptick in both Ukraine and Russia, according to the latest figures.
Despite the general price escalation, the CIF prices showed a mixed pattern across major importing countries. CIF Mersin prices have climbed, in contrast to CIF India prices, which have weakened amidst shifting consumer preferences towards soy oil due to its narrowing price difference with sunflower oil. Conversely, European Union demand remained tepid, contributing to the complex pricing landscape.
Turkey, a major player in the sunflower oil market, reported a significant drop in its April sunflower oil imports. Turkey’s sunoil stock levels remain substantially lower than previous years which could explain higher Turkish CIF prices.
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