Sunflower oil prices are rising in line with soybean and palm oil prices

The increase in quotations for vegetable oils supports demand and prices for Ukrainian sunflower oil, especially given the reduction in its supply at the end of the season.

During the week, demand prices for Ukrainian sunflower oil rose by $30-40/t to $880-900/t FCA – factory, and prices with delivery to buyers – up to $950/t, despite difficulties with shipments from Black Sea and Danube ports due to Russian attacks.

Sunseed stocks are dwindling, so factories are switching to rapeseed processing, which has led to a shortage of sunflower oil supplies.

Vegetable oil markets are supported by a 12% monthly increase in oil prices to a 3-month high.

September palm oil futures on Bursa Malaysia rose to a 4.5-month high of 4,164 ringgit/t on Monday but fell 2.26% to 4,070 ringgit/t or $891/t yesterday as traders began to fix profits

Quotations were supported by increased exports, which for the period from July 1 to 25 grew by 10.8% compared to the same period in June, according to surveyor AmSpec Agri Malaysia, and by 17.8% according to surveyor Intertek Testing Services.

Traders expect India to increase imports of edible oils by 60% to a record 1.86 million tonnes in July as refiners build stockpiles ahead of festivals amid uncertainty over supplies from the Black Sea region.

On the Chicago Stock Exchange, September soybean oil futures for the week rose 10.5% to $1,508/t on the back of declining soybean inventories, and December futures rose 6.4% to $1,415/t on forecasts of a reduced soybean harvest due to drought .

Increased supply of new crop rapeseed oil in the EU will reduce demand for vegetable oils, especially sunflower, at the end of August.