In the vegetable oil market of Europe, there is a downward price trend on the background of increasing supplies of Australian canola and Ukrainian sunflower to the EU. This conclusion was made by the experts of Argus Media.
It is noted that the decline in quotations is due to an active receipt of raw materials from these regions, which resulted in a significant increase in the EU processing volumes of oilseeds, and the market of oils was actually overheated.
As noted by analysts from the National Bureau of Statistics, Australia from October 2022 to March 2023 sold abroad 3.4 million tons of canola: most of the oilseeds were shipped to Europe. Ukraine, in turn, markedly increased shipments of sunflower seeds to the EU – from 62 thousand tons last season to nearly 1.8 million tons this year.
Thus, according to Argus Media, at the end of March, prices for sunflower and rapeseed oil in the EU fell to nearly 800 €/t, although in June 2022 they were above 2000 €/t.
The Hamburg-based analytical agency OilWorld (Germany) estimated that by May 8, EU sunflower oil quotations were 990 €/t FOB, compared to 1045 €/t FOB in April and 1056 €/t FOB in March.
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