Sunoil production in Ukraine foreseen quarter higher in 2021/22

In 2021/22, sunoil production in Ukraine is anticipated to increase to 7.1-7.2 mln t, 24.13% up YoY. Of this volume, 6.55-6.6 mln t is forecast to be exported, the Association Ukroilprom projects.

Analysts expect producers to harvest a record-high sunflower crop in Ukraine in 2021/22. By various estimates, it is projected between 16 and 17 mln t.

Preliminary estimates of Ukraine’s vegetable oil production in 2020/21 are pegged at 6.13 mln t. Of these, 5.8 mln t is sunoil, 210 thou. t is soybean oil and 116 thou. t — rapeseed oil.

According to analysts, the export of these products in 2020/21 was approximately 5.61 mln t, most of which was sunflower oil — 5.28 mln t. In addition, 233 thou. t of soybean oil and 103 thou. t of rapeseed oil were shipped to foreign markets from Ukraine.

Reportedly, the 2020/21 season, which ended in August this year, brought many unexpected and unpleasant surprises both for agricultural producers and for oilseeds processors and end consumers of products in the domestic food market.

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The rise in sunoil prices in 2020/21 was determined by both global trends and domestic factors.

A reduction in the bulk yield of oilseeds in Ukraine vs. the previous marketing year by more than 3.5 mln t, including sunflowers by 2 mln t, is one of the distinctive features of 2020/21, according to experts of the association. Furthermore, the restrained sales of sunflowers by agricultural producers and the non-delivery of these agricultural raw materials under previously concluded forward contracts with oilseeds crushing plants also had a negative impact on the market.

As a reminder, unrefined sunoil output in Ukraine in 2020/21 totalled 4.7 mln t, refined sunoil 745.3 thou. t.

Crushing plants in Ukraine finalized the 2020/21 season ahead of schedule.

Latifundist

Tags: Ukraine, Production, sunoil