According to the August forecast of Oil World, the global sunflower production in 2023/24 MY may increase by 1.4 mln tonnes per year to 55.7 mln tonnes, although in the July report the experts forecasted the annual increase of the oilseed harvest by 1.9 mln tonnes.
In particular, the prospects of high sunflower production in Russia and Ukraine – 15.7 (-0.7) and 14 (+2) mln tonnes respectively – are expected to compensate for the deterioration of the oilseed harvest in Türkiye (1.55 (-0.3) mln tonnes), Romania (2.5 mln tonnes), Bulgaria, Spain and Argentina (3.72 (-0.1) mln tonnes).
According to analysts, the weather conditions in Russia and Ukraine in the last 2 months were favorable for the development of sunflower crops and high yields. At the same time, drought significantly worsened the condition of the oilseed in Romania and Türkiye. In Argentina, the sunflower sowing campaign is delayed due to the lack of precipitation, so as of August 23, fieldwork was carried out on only 80 thousand hectares, while last year in the same period – on 227 thousand hectares, and the total acreage under sunflower in the new season in the country may be reduced by 150 thousand hectares per year.
The global stocks of sunflower seeds in 2023/24 MY are expected to reach 4.14 mln tonnes, down from 5.13 mln tonnes in the previous MY. The largest decrease in the stocks is expected in Russia – down to 0.7 mln tonnes, compared to 1.52 mln tonnes in the previous season.
Source: Apkinform