Price of Black Sea sunseed is at the crossroads

UkrAgroConsult

Article author:

Olena Hesova

Grain and Oilseed Market Analyst

After slight losses last week, average FOB price of sunseed in the Black Sea ports rose a new seasonal peak. In January the key supplier of sunseed – Russia – introduced a 30% export duty for this crop, which is effective till the end of the season.

At the same time, the necessity of the key importers (the EU and Turkey) for the rest of the season remains high, thus, sunseed FOB Black Sea is now testing a new peak, UkrAgroConsult reports.

Meanwhile, there are factors, which may limit the surge – sporadic nature of farmer sales this season (sudden rise and sudden fall) and pressure for sunoil prices from alternative vegoils (palm oil and soyoil).

Black Sea farmers are closely watching the tendencies on the world markets (like the falling price of soybeans on CBOT) and may be willing to release the sunseed stocks more actively, so as not to miss the best price.

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Tags: sunseed, sunseed prices, Ukraine