Complexe Tournesol de la mer Noire en Repli alors que les Ventes de Nouvelle Récolte s’Accélèrent

Les prix du tournesol dans l’ensemble du complexe mer Noire s’assouplissent, avec des baisses marquées sur les graines et amandes bulgares et moldaves, tandis que les valeurs ukrainiennes dérivent à la baisse sous la pression des contraintes logistiques à l’export. Le biais à court terme est légèrement baissier, les trituriers et les négociants étant bien approvisionnés et les acheteurs de l’UE pouvant sélectionner leurs origines. Les transformateurs et exportateurs en Bulgarie, Moldavie et Ukraine abordent la fin août avec une couverture confortable et un fort intérêt à l’export depuis la Moldavie et l’Ukraine vers l’UE, mais sans tension aiguë sur les disponibilités de proximité. Les données douanières de la Moldavie montrent que les graines de tournesol sont le premier poste d’exportation du pays en valeur sur la période janvier–juin 2026, ce qui souligne un surplus exportable abondant vers l’UE. Parallèlement, le corridor d’exportation de l’Ukraine reste contraint par la poursuite des attaques contre les infrastructures de la mer Noire, limitant le potentiel de hausse des prix départ ferme malgré une demande intérieure correcte des trituriers. La météo dans les principales régions de culture est de saison, chaude mais pas extrême à ce stade, ce qui maintient le risque de rendement limité pour le reste de la campagne.

Prices

All prices below are indicative spot values as of 25 August 2026, converted to EUR per kg.

These levels are broadly consistent with Bulgaria’s official producer-price statistics for sunflower seed, which imply farm-gate values around 0.99 EUR/kg on average in 2026 but mask the recent late‑summer downtrend. Moldova’s export statistics confirm strong value growth in sunflower shipments to the EU, supporting active competition from MD origin into European crushing markets.

Supply & Demand – BG, MD, UA

BG – Bulgaria (BG): The national statistics office reports robust oilseed prices in 2026, with sunflower seed among better-performing cash crops. Domestic crushers remain well covered, helped by significant inflows of Ukrainian and Moldovan seed into the wider EU market. EU‑level data show high imports of sunflower seed for crush, especially into Bulgaria and Romania, underpinning good regional supply.

MD – Moldova (MD): Sunflower seeds are currently the single largest export item by value, reaching 4.9 billion MDL in January–June 2026. International trade data show EU‑27 absorbing more than 64% of Moldova’s exports overall, confirming the EU (including BG and RO crushers) as the key outlet for Moldovan sunflower. This strong export pipeline, combined with modernised customs procedures, keeps Moldovan origin highly competitive into Western EU destinations.

UA – Ukraine (UA): Ukraine remains a dominant global supplier of sunflower seed and especially sunflower oil, but export flows are constrained by repeated attacks on Black Sea terminals and specific damage to sunflower‑oil facilities at Chornomorsk. Merchant shipping interruptions at Odesa‑area ports and a partial shift to alternative routes mean logistics costs stay elevated and volumes capped. The result is softer farm‑gate prices in Odesa and Kyiv than might be expected from fundamentals alone.

Weather & Crop Conditions – BG · MD · UA

BG: Late‑August weather across Bulgaria is seasonally hot but without widespread extreme heat or severe drought episodes over the last few days, according to regional meteorological overviews used by grain exchanges. For most sunflower fields, flowering and early grain fill are largely complete, so short‑term temperature spikes now have limited impact on final yields.

MD: Moldova has so far experienced generally favourable conditions for field crops this summer in major producing districts, with no new weather alerts or damaging events reported in the last three days by national statistical and trade bulletins. Current weather risk for the maturing sunflower crop is therefore low, supporting the view of ample exportable surplus.

UA: Monitoring data for Dnipro in eastern Ukraine show typical late‑August temperatures and no exceptional rainfall anomalies in the past week, suggesting stable conditions for late sunflower development. While the broader season has seen periods of heat and moisture stress in some Ukrainian oblasts, these are already embedded in yield expectations and are not being materially worsened by current weather.

Fundamentals & Drivers

• Ample Black Sea supply: Good production prospects in MD and UA, coupled with strong export orientation, keep the region well supplied despite logistics disruptions, pressuring prices at origin.
• EU crush demand steady: USDA and EU outlooks point to high EU sunflower imports for crush in 2025/26, with Bulgaria and Romania important entry points. This underpins physical demand but is not tight enough to force prices higher short term.
• Moldova’s export strength: Rapid growth in MD exports and record sunflower export values indicate aggressive selling and competitive FOB levels into the EU.
• Ukraine logistics risk: Attacks on Black Sea ports and oil terminals keep a risk premium on FOB/Oil prices, but seed values inland remain depressed by transport bottlenecks and uncertainty.

Trading Outlook & 3‑Day Regional View

Directional bias (next 3 trading days)

• BG (BG): Slightly bearish to sideways. Crushers are well covered and local seed prices have recently corrected sharply lower; only limited upside is seen near term.
• MD (MD): Bearish. Strong export pace and good crop prospects favour continued farmer and trader selling, keeping pressure on FCA/FOB quotes.
• UA (UA): Sideways with downside risk. Logistics constraints cap FOB gains; any escalation of port attacks may widen basis rather than lift farm‑gate prices.

Strategy notes

• Buyers (EU crushers, roasters): Consider scaling into coverage on BG/MD kernels and seeds at current EUR levels, focusing on short nearby positions while leaving room for further weakness if export pressure persists.
• Producers (BG, MD, UA): Avoid heavy spot sales on intraday dips; stagger marketing over the coming weeks and explore premiums for higher‑spec kernels (bakery/confection) where demand is more resilient.
• Traders: Watch Ukraine logistics headlines closely; any improvement in alternative routes could narrow spreads between UA and BG/MD, while renewed attacks may mainly widen basis rather than boost flat prices.

Indicative 3‑day price tendency (EUR/kg)

Overall, the Black Sea sunflower complex is entering the new‑crop window with comfortable supply, softening prices and logistics‑driven differentiation between origins rather than a clear bullish story.