In the Black Sea region, there’s a competitive market for sunflower oil, particularly between Ukrainian and Russian varieties. Russian sunflower oil (SFO) tends to be $25-30 cheaper per tonne on average compared to Ukrainian SFO. Russian crude SFO prices (FOB Novorossiysk) followed their previous unstable course, with a high increase reaching €791 | $860 mt on 05-04-24, followed by a sharp decrease to €731 | $795 mt on 08-04-24.
Ukrainian sellers are aiming for specific prices, targeting $890 per tonne CIF Marmara, $895 per tonne CIF Izmir, and $900 per tonne CIF Mersin for May-June deliveries. However, bids at these prices are limited.
Regarding exports, Ukraine exported 36,600 metric tons of sunflower oil vessels compared to 45,100 metric tons during the same period last year. In contrast, Russia exported 51,300 metric tons compared to 12,000 metric tons during the same period last year. The European Union has imposed further restrictions on imports from Ukraine, including oats, maize, groats, and honey, in addition to limitations on poultry, eggs, and sugar imposed in January. Some EU members argue that tariff-free imports have disrupted the bloc’s agricultural markets.
Russian S&D data for Crude SFO was published on the Vesper platform in February, where
numbers show a similar picture to previous months. Production Feb 24 vs. Jan 24 stands at
733,200 mt vs. 690,600 mt, see Figure 1.
Figure 1: Supply and Demand Graph Russian Crude Sunflower Oil
Similarly to Russia, Turkish S&D data for Sunflower Oil was published on the Vesper platform for Mar 24, see Figure 2. Consumption and production numbers have slightly decreased MoM, with consumption standing at 125,000 mt Mar 24 vs. 155,000 mt Feb 24. Meanwhile, production declined, with 45,000 mt for Mar 24 and 65,000 mt for Feb 24. On the other hand, ending stocks increased MoM, with 260,000 mt for Mar 24 and 200,000 mt for Feb 24. Turkey import sunflower oil vessel line up for Apr 1-06 2024 vs. Mar 1- 31 2024 (mt): 40,325 vs. 247,318.
Figure 2: Supply and Demand Graph for Turkish Sunflower Oil
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