Crude sunflower oil rebounded across the curve this week, with the December FOB 6 Ports price up about 3.3% on the week before. The ongoing Black Sea conflict and bullish export estimates likely supported prices. Several countries, including parties to the conflict, say they are working on or considering possible solutions for Black Sea shipping, but the situation at sea and in the ports has not improved.
The export numbers are steep. S&P Global Platts said Ukraine’s monthly sunflower oil exports halved in August and September, and Russian exports also fell considerably. Turkey, meanwhile, has already booked 400,000 tonnes of sunflower seed imports for September to November, according to Veysel Kaya of Sunseedman.
Palm keeps sliding
The rest of the complex was mixed. Palm oil extended its decline, with the November BMD contract down to MYR 4,480/mt from MYR 4,556/mt and deferred months, including 2027, also lower. A Reuters poll puts Malaysian September ending stocks at 3.37 mmt, up 19.5% on the month, on strong production and weak exports. CBOT soybean oil edged up to 69.35 US cents/lb on strong Brent, MATIF rapeseed inched up to EUR 538/mt, and crude rapeseed oil moved sideways.
The full analysis carries the detail for every oil in the complex, including coconut oil, palm kernel oil and olive oil.
