Ukraine has reduced the export of sunflower oil by 15%
Ukraine during September-November reduced the export of sunflower oil by 15% compared to the same period last year to 1.35 million tons as a result of a drop in demand from China and India.
This is reported by analysts of the electronic grain exchange GrainTrade.
In particular, India, which is the main buyer of Ukrainian sunflower oil, reduced its imports during the specified period by 11.5% to 466.5 thousand tons, although in 2020/21 MY it purchased 1.56 million tons of Ukrainian oil, which amounted to 30 % of the total. its export.
China, which is the second largest buyer of Ukrainian sunflower oil, during this period reduced purchases by 50% to 247.1 thousand tons, including 177.8 thousand tons were shipped in November.
The main reasons for the drop in demand for sunflower oil were high prices and a lack of supply at the beginning of the season, which made buyers prefer cheaper soybean oil. In China, at the beginning of the season, significant transitional stocks of sunflower oil were formed, so he was in no hurry to buy it. In addition, increased competition from cheaper locally produced corn oil was an additional reason for the decline in sunflower oil imports.
A decrease in the export of sunflower oil from Ukraine to China and India was partially offset by an increase in demand from the EU countries, which in September-November 2021 increased its imports by 26.5% to 366.8 thousand tons.
Under the pressure of falling prices for soybean and palm oil, Black Sea sunflower oil fell in price from $ 1400 to $ 1300 / t FOB during December.
However, at the end of last week, palm oil prices rose again by 7% to 4604 ringgit / t or $ 1,100 / t, and January soybean oil futures - by 8% to $ 1,260 / t, which will support sunflower oil prices in the near future. ...