Prices for Ukrainian sunflower oil have reached $1700 per ton

The export prices for the sunflower oil from Ukraine have continued to rise sharply and have reached $1680—$1700 amid recovery in the oil prices and growing concerns about the soybean crop in South America.

The bid prices for the oil supply in the April—June period exceed $1,700 per tonne on FOB basis and $1,680 per tonne on CPT basis, Refinitiv Agriculture reports.

In the current 2020/21 season (that began in September 2020), sunflower oil prices are going up at a breathtaking pace. Last week, export quotations for crude sunflower oil from Ukraine increased by almost $100 per tonne FOB, since the beginning of 2021, the growth has already increased by $500 per tonne. And since the beginning of the 2020/21 season, a ton of sunflower oil has grown by more than $800.

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The sharp rise in oil prices and the limited supply of roughage on the domestic market forces Ukrainian exporters to take a cautious stance.

"The oil market is very unpredictable," one Ukrainian trader commented on the situation.

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Recall that at the end of the 2019/20 marketing year (September 2019—August 2020), Ukraine not only retained the title of the main sunflower oil exporter in the world, but also set a world record in terms of export volume—6.68 million tons.

At the end of 2019, Ukraine exported $4.3 billion worth of sunflower oil (in 2018 it was 4% more) and meal by $975 million (in the year before last, this figure was 11% less).

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