News&Events
07.04.2024
Vegetable oil production grows in Kazakhstan
During the first two months of 2024, oil plants in Kazakhstan produced about 100 thsd tonnes of vegetable oils. This is 10% more than in the same period last year.
At the same time, the production of sunflower oil increased, in particular, the output of unrefined sunflower oil increased by 30%, exceeding 89 thsd tonnes.
As for the production of refined sunflower oil, it increased by 32% and at the end of two months of this year amounted to more than 23 thsd tonnes.
Recall that Kazakhstan vegetable oil producers in the past season-2022/23 produced 418 thsd tonnes of unrefined sunflower oil, which is 50% more than the indicator of 2021/22 MY.
"This upward trend in production has a positive impact both on the country's population in the form of lower sunflower oil costs, and on the economies of related industries such as poultry and livestock, which are consumers of oil and high-protein feeds derived from seed processing," the National Oilseed Processors Association of Kazakhstan said.
The Bureau of National Statistics also informed that sunflower oil fell in price by 24.6% over the year, which, in turn, contributes to the slowdown of inflation in the country.
At the same time, the production of sunflower oil increased, in particular, the output of unrefined sunflower oil increased by 30%, exceeding 89 thsd tonnes.
As for the production of refined sunflower oil, it increased by 32% and at the end of two months of this year amounted to more than 23 thsd tonnes.
Recall that Kazakhstan vegetable oil producers in the past season-2022/23 produced 418 thsd tonnes of unrefined sunflower oil, which is 50% more than the indicator of 2021/22 MY.
"This upward trend in production has a positive impact both on the country's population in the form of lower sunflower oil costs, and on the economies of related industries such as poultry and livestock, which are consumers of oil and high-protein feeds derived from seed processing," the National Oilseed Processors Association of Kazakhstan said.
The Bureau of National Statistics also informed that sunflower oil fell in price by 24.6% over the year, which, in turn, contributes to the slowdown of inflation in the country.
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06.04.2024
Grains and oilseeds: estimates prompt scepticism
BRUSSELS. Ukrainian wheat will not be subjected to import restrictions in the EU and US traders are sceptical about recent estimates for corn. Uncertainty prevails over Brazil’s soybean crop and the EU will need to import more rapeseed from Ukraine and Australia.
EU import restrictions do not apply for wheat
US wheat is profiting from a weaker US dollar and rising export prices in Russia. Although SovEcon estimates that stocks range at 5.6 million mt in southern Russia, which is 12% up in last year, the lack of rain in this part of the country has driven up quotations. Abundant rain and low temperatures are, by contrast, creating problems in northwestern Europe. Floods may very well occur in France and in the UK. Traders expect UK imports to rise to 2 million mt in the current financial year.
EU import restrictions do not apply for wheat
US wheat is profiting from a weaker US dollar and rising export prices in Russia. Although SovEcon estimates that stocks range at 5.6 million mt in southern Russia, which is 12% up in last year, the lack of rain in this part of the country has driven up quotations. Abundant rain and low temperatures are, by contrast, creating problems in northwestern Europe. Floods may very well occur in France and in the UK. Traders expect UK imports to rise to 2 million mt in the current financial year.
06.04.2024
In March, India increased the import of sunflower oil by 1.5 times
India in March increased sunflower oil imports by 51% from February to 448,000 tons, the second-highest on record, while palm oil imports fell 3.3% to the lowest level since May 2023 at 481,000 tons. Against the background of falling prices, processors have intensified purchases of sunflower oil, reducing imports of competing palm oil. India's cut in palm oil imports could stem the rise in benchmark palm oil futures in Malaysia, which are now near a one-year high, while rising sunflower oil imports will reduce its stocks in the Black Sea region. High prices for palm oil encourage importers to increase the import of sunflower oil, experts of the Sunvin Group company, which produces vegetable oils, believe. Crude palm oil (CPO) for delivery to India in May is being offered at $1,020/t CIF (including freight and insurance), while soybean oil is at $1,000/t and sunflower oil is at $960/t, according to dealers. Palm oil is usually sold cheaper than competing soybean and sunflower oils, but now a sharp decline in its supplies has led to a significant increase in prices. At the same time, competitive prices for sunflower oil will ensure an increase in its import in April and May, according to the company GGN Research, which trades in vegetable oils. Data from the SEA Association on oil imports in March will be released in mid-April.
06.04.2024
Sunflower seeds: EU production to increase by 5%
SOFIA/KYIV. Experts have announced their first crop forecasts for EU sunflower seed production in 2024. The European Commission expects production to increase by 5% compared to last year.EU crop estimated at more than 10.6 million mt
Both the European Commission and the experts from Coceral have published initial estimates for EU sunflower seed production in 2024 in recent days. At 10.69 million mt (EU Commission) and 10.61 million mt (Coceral), the overall expectations are relatively close to each other. The International Grains Council (IGC), however, estimates the EU-wide crop at 10.5 million mt (-3% compared to last year).
The European Commission estimates an increase in production for the main growing countries Romania (+16% to 2.698 mi...
Both the European Commission and the experts from Coceral have published initial estimates for EU sunflower seed production in 2024 in recent days. At 10.69 million mt (EU Commission) and 10.61 million mt (Coceral), the overall expectations are relatively close to each other. The International Grains Council (IGC), however, estimates the EU-wide crop at 10.5 million mt (-3% compared to last year).
The European Commission estimates an increase in production for the main growing countries Romania (+16% to 2.698 mi...
05.04.2024
The increase in palm oil prices contributes to the increase in the export of sunflower oil from Ukraine
Crude palm oil (CPO) prices rose to a 17-month high amid rising oil prices, leading to increased sunflower oil imports by India and exports from Ukraine in March.
India increased sunflower oil imports in March by 51% from February to 448,000 tonnes, the second-highest on record, while palm oil imports fell 3.3% to a 10-month low of 481,000 tonnes.
In March, Ukraine exported 608,000 tons of sunflower oil, which corresponds to the level of January and February, but is 16% higher than in March 2023.
In general, in 2023/24 MR, the export of sunflower oil increased compared to the previous season by 18.7% from 3.2 to 3.8 million tons, while the USDA forecast is 5.75 million tons (5.7 million tons in 2022/ 23 MR). In order to achieve it, it is necessary to export 400,000 tons of oil in April and August, while during the first 7 months of the season, the average rate of shipments was 575,000 tons.
In 2022, Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, and in 2023 - 5.7 million tons worth $5 billion.
India increased sunflower oil imports in March by 51% from February to 448,000 tonnes, the second-highest on record, while palm oil imports fell 3.3% to a 10-month low of 481,000 tonnes.
In March, Ukraine exported 608,000 tons of sunflower oil, which corresponds to the level of January and February, but is 16% higher than in March 2023.
In general, in 2023/24 MR, the export of sunflower oil increased compared to the previous season by 18.7% from 3.2 to 3.8 million tons, while the USDA forecast is 5.75 million tons (5.7 million tons in 2022/ 23 MR). In order to achieve it, it is necessary to export 400,000 tons of oil in April and August, while during the first 7 months of the season, the average rate of shipments was 575,000 tons.
In 2022, Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, and in 2023 - 5.7 million tons worth $5 billion.
05.04.2024
Is Moldova Really Short of Sunseed? UkrAgroConsult, Forecast
At the end of March the Moldovan sunflower seed and sunflower oil market was shocked by the statement of the director of the company Floarea Soarelui about the shutdown of the largest crushing plants in the country – Floarea Soarelui and DANUBE OIL COMPANY due to the lack of SFS stocks. According to the director, the country’s SFS stocks are impressively small (about 100 K mt), farmers intend to offer these stocks at too high prices.
Minister of Agriculture of Moldova:
- This statement is more speculative.
- Moldova SFS stocks are about 350 K mt.
Licensing imports of wheat, corn and SFS was extended to protect and balance the domestic market.
The Ministry will meet SFS producers/suppliers and crushers to find efficient instruments to calm the market.
05.04.2024
India's sunoil imports hit second-highest level as palm oil retreats
India's sunflower oil imports rose by 51% in March from the previous month to reach the second highest level on record, as lower prices led refiners to increase their purchases, while reducing buying of rival palm oil, five dealers told Reuters. Lower palm oil purchases by India, the world's biggest importer of vegetable oils, could cap the rally in benchmark Malaysian palm oil futures that are trading near their highest in a year.
Higher sunflower oil purchases will help to reduce sunflower oil inventories in the
Black Sea region. March sunflower oil imports surged 51% month-on-month to 448,000 metric tons, the second highest on record, according to estimates from dealers. Palm oil imports fell 3.3% to 481,000 tons, the lowest since May 2023, they said.
"Sunflower oil imports are rising in place of palm oil. Production issues are keeping palm oil prices firm, prompting buyers to switch to sunflower oil," Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said.
Crude palm oil (CPO) imports are offered at about $1,020 a metric ton, including cost, insurance and freight (CIF), in India for May delivery, while soyoil and sunflower oil are offered around $1,000 and $960 a ton, respectively, dealers said.
Higher sunflower oil purchases will help to reduce sunflower oil inventories in the
Black Sea region. March sunflower oil imports surged 51% month-on-month to 448,000 metric tons, the second highest on record, according to estimates from dealers. Palm oil imports fell 3.3% to 481,000 tons, the lowest since May 2023, they said.
"Sunflower oil imports are rising in place of palm oil. Production issues are keeping palm oil prices firm, prompting buyers to switch to sunflower oil," Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said.
Crude palm oil (CPO) imports are offered at about $1,020 a metric ton, including cost, insurance and freight (CIF), in India for May delivery, while soyoil and sunflower oil are offered around $1,000 and $960 a ton, respectively, dealers said.