News&Events
10.03.2024
Bulgaria confidently increases sunseed crushing
Sunflower remains one of the most profitable crops in Bulgaria, benefiting from both crushers and exporters demand for sunseed.
However, in Bulgaria sunflower continues to win back areas from less attractive rapeseed and soybeans.
In 2023 summer season (July-August) was unusually hot and dry with extreme temperatures. This affected the sunflower production, which is estimated at only 1.6 M mt in 2023, 23% less than in 2022.
The industry supports the import of cheaper SFS from Ukraine. On the contrary, farmers are in favor of import restrictions.
As a result, from December 2023, Ukrainian SFS imports have been regulated by licenses and export quotas, as well as by a dialog on domestic import needs with the Ministry of Agriculture of Bulgaria.
Bulgaria’s goal is to further shift from sunseed exports to domestic processing in order to increase and diversify exports of value-added products. Oil is considered to be the main export product.
Full version of the article is available to subscribers of ‘BLACK SEA VEGOIL’ Weekly Report by UkrAgroConsult.
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Be confident with your business and trade strategy based on professional analysis and forecasts of the Black Sea agri market.
However, in Bulgaria sunflower continues to win back areas from less attractive rapeseed and soybeans.
In 2023 summer season (July-August) was unusually hot and dry with extreme temperatures. This affected the sunflower production, which is estimated at only 1.6 M mt in 2023, 23% less than in 2022.
The industry supports the import of cheaper SFS from Ukraine. On the contrary, farmers are in favor of import restrictions.
As a result, from December 2023, Ukrainian SFS imports have been regulated by licenses and export quotas, as well as by a dialog on domestic import needs with the Ministry of Agriculture of Bulgaria.
Bulgaria’s goal is to further shift from sunseed exports to domestic processing in order to increase and diversify exports of value-added products. Oil is considered to be the main export product.
Full version of the article is available to subscribers of ‘BLACK SEA VEGOIL’ Weekly Report by UkrAgroConsult.
Request a free a sample report and apply for subscription here.
Be confident with your business and trade strategy based on professional analysis and forecasts of the Black Sea agri market.
According to the European Commission, during the period July 1, 2023 - February 28, 2024, EU countries reduced the import of meal by 9% to 12.14 million tons compared to the same period of the previous season.
However, if the import of soybean meal decreased by 13% to 9.63 million tons, the import of rapeseed increased by 22% to 625,935 thousand tons, and of sunflower - by 6% to 1.883 million tons.
Almost 6.17 million tons of soybean meal or 64.1% of the total volume imported to the EU was delivered from Brazil, another 1.73 million tons or 18% - from Argentina and 519.63 thousand tons or 5.4% - from the USA.
The leaders in the supply of rapeseed meal to the EU remain the Russian Federation with a share of 40.9% (256.16 thousand tons), Belarus - 29.5% (184.695 thousand tons) and Ukraine - 22.3% or 139.6 thousand tons.
During the specified period, the EU purchased the most sunflower meal from Ukraine - 38.3% or 722 thousand tons, the Russian Federation - 24.2% or 455,166 thousand tons, and Argentina - 23% or 433.5 thousand tons...
However, if the import of soybean meal decreased by 13% to 9.63 million tons, the import of rapeseed increased by 22% to 625,935 thousand tons, and of sunflower - by 6% to 1.883 million tons.
Almost 6.17 million tons of soybean meal or 64.1% of the total volume imported to the EU was delivered from Brazil, another 1.73 million tons or 18% - from Argentina and 519.63 thousand tons or 5.4% - from the USA.
The leaders in the supply of rapeseed meal to the EU remain the Russian Federation with a share of 40.9% (256.16 thousand tons), Belarus - 29.5% (184.695 thousand tons) and Ukraine - 22.3% or 139.6 thousand tons.
During the specified period, the EU purchased the most sunflower meal from Ukraine - 38.3% or 722 thousand tons, the Russian Federation - 24.2% or 455,166 thousand tons, and Argentina - 23% or 433.5 thousand tons...
09.03.2024
Sunflower seeds: prices come under pressure
SOFIA. Trade on the Bulgarian sunflower seed market has come to a standstill. Exporters are adjusting their prices in order to boost trading activities.
EU production up by 10%
In its latest report, the European Commission has once again confirmed the January estimates for EU sunflower seed production in 2023. According to the EU data, a total of 10.185 million mt of sunflower seeds were harvested last year, an increase of just under 10% compared to the previous year. Main producing countries such as Romania (+10% to 2.319 million mt), France (+20% to 2.149 million mt) and Hungary (+57% to 2.012 million mt) recorded a significant increase in production, while the sunflower seed crop in Bulgaria declined by 23% year...
EU production up by 10%
In its latest report, the European Commission has once again confirmed the January estimates for EU sunflower seed production in 2023. According to the EU data, a total of 10.185 million mt of sunflower seeds were harvested last year, an increase of just under 10% compared to the previous year. Main producing countries such as Romania (+10% to 2.319 million mt), France (+20% to 2.149 million mt) and Hungary (+57% to 2.012 million mt) recorded a significant increase in production, while the sunflower seed crop in Bulgaria declined by 23% year...
09.03.2024
Chinese Grains&Oils Congress", Shanghai, China
APK-Inform news agency, in partnership with APK-Inform Asia, is expanding the geography of international events and announcing the Chinese Grains&Oils Congress, April 10-12. The venue will be Shanghai, the largest city and financial center of China.
As the largest buyer of agricultural products, China continues to exert significant influence, serving as the primary trading partner for over 140 countries and regions worldwide. In the years 2023 and early 2024, we've witnessed China's concerted efforts to strengthen and expand partnerships within the agricultural sector, particularly with Central Asian nations like Kazakhstan. These partnerships mark a new phase of development, encompassing advancements in agriculture, logistics, scientific and technical collaboration, as well as substantial investments. Uzbekistan and Kyrgyzstan are also emerging as key players in this evolving landscape.
In addition, increasing demand and diversifying the geography of purchases of agricultural products, China began the process of resuming grain trade with Australia, increased supplies of grain and oilseeds from North and South America, and continues to actively trade grains, oilseeds, and vegetable oils with Ukraine.
Recognizing the pivotal role of China in the global economy, logistics, and agri-food system, we invite participants in the grain and oilseed markets to take part in the Chinese Grains&Oils Congress and discuss the preliminary results of 2023/24 MY, as well as prospects for the next season, on one global platform. The timing of this congress is strategically chosen to enhance the depth and breadth of discussions, fostering collaboration and knowledge sharing among industry experts and stakeholders.
As the largest buyer of agricultural products, China continues to exert significant influence, serving as the primary trading partner for over 140 countries and regions worldwide. In the years 2023 and early 2024, we've witnessed China's concerted efforts to strengthen and expand partnerships within the agricultural sector, particularly with Central Asian nations like Kazakhstan. These partnerships mark a new phase of development, encompassing advancements in agriculture, logistics, scientific and technical collaboration, as well as substantial investments. Uzbekistan and Kyrgyzstan are also emerging as key players in this evolving landscape.
In addition, increasing demand and diversifying the geography of purchases of agricultural products, China began the process of resuming grain trade with Australia, increased supplies of grain and oilseeds from North and South America, and continues to actively trade grains, oilseeds, and vegetable oils with Ukraine.
Recognizing the pivotal role of China in the global economy, logistics, and agri-food system, we invite participants in the grain and oilseed markets to take part in the Chinese Grains&Oils Congress and discuss the preliminary results of 2023/24 MY, as well as prospects for the next season, on one global platform. The timing of this congress is strategically chosen to enhance the depth and breadth of discussions, fostering collaboration and knowledge sharing among industry experts and stakeholders.
09.03.2024
Lawsuit filed against claims made by Nestlé Health about Nature’s Bounty fish oil supplements
Filed by Anthony Fasce in a New York federal court, the lawsuit claimed that Nature’s Bounty fish oil supplements were falsely advertised as being beneficial for cardiovascular health, the 19 February report said.
Fasce’s lawsuit claims that the supplements are sold in a bottle prominently labelled “heart health” despite randomised trials showing fish oil has no heart-related benefits, according to the report.
“Scientists and consumer health advocates have warned that fish oil labels are misleading and that consumers are wasting their money,” the Nature’s Bounty class action stated.
Fasce was looking to represent a nationwide class and New York subclass of consumers who had purchased one or more of Nature’s Bounty fish oil supplements within the applicable statute of limitations period, Top Class Actions wrote.
Although eating fish promoted cardiovascular health, multiple randomised trials had tested fish oil against placebos and shown “no evidence of heart-related benefits from fish oil supplements,” Fasce was quoted as saying.
“(Fasce) would not have purchased the product if he had known that they have not actually been shown to improve cardiovascular outcomes or promote heart health,” the class action stated...
Fasce’s lawsuit claims that the supplements are sold in a bottle prominently labelled “heart health” despite randomised trials showing fish oil has no heart-related benefits, according to the report.
“Scientists and consumer health advocates have warned that fish oil labels are misleading and that consumers are wasting their money,” the Nature’s Bounty class action stated.
Fasce was looking to represent a nationwide class and New York subclass of consumers who had purchased one or more of Nature’s Bounty fish oil supplements within the applicable statute of limitations period, Top Class Actions wrote.
Although eating fish promoted cardiovascular health, multiple randomised trials had tested fish oil against placebos and shown “no evidence of heart-related benefits from fish oil supplements,” Fasce was quoted as saying.
“(Fasce) would not have purchased the product if he had known that they have not actually been shown to improve cardiovascular outcomes or promote heart health,” the class action stated...
08.03.2024
Sesame seeds: trade falters
NEW DELHI. The lack of demand continues to put pressure on sesame seed prices in the Indian market. Farmers are adjusting their sowing plans for the summer crop accordingly.
Lower sowing expected
The Indian sesame seed market continues to be characterised by a lack of trading activity and low foreign enquiries. According to market players, this is not expected to change in the coming weeks.
After prices have fallen steadily in recent months, farmers in Gujarat have little interest in expanding the area under cultivation for the summer crop. According to rumours, sowing this spring will be 35-40% lower than last year. Traditionally, the state of Gujarat is the most important sesame growing region in India during the summer months...
Lower sowing expected
The Indian sesame seed market continues to be characterised by a lack of trading activity and low foreign enquiries. According to market players, this is not expected to change in the coming weeks.
After prices have fallen steadily in recent months, farmers in Gujarat have little interest in expanding the area under cultivation for the summer crop. According to rumours, sowing this spring will be 35-40% lower than last year. Traditionally, the state of Gujarat is the most important sesame growing region in India during the summer months...
08.03.2024
Sunflower prices in Ukraine are falling, despite the high rate of sunflower oil exports
In the first half of the 2023/24 financial year, Ukraine increased sunflower oil exports by 18.5%, from 2.7 to 3.2 million tons, compared to the same period of the previous season. In particular, in February, 603,000 tons of oil were exported, which is 1% less than indicator of January 2024, but 50% higher than the export of February 2023.
According to Share UA Potential, compared to January, oil supplies from Ukraine to the EU decreased by 10% to 364.1 thousand tons due to the accumulation of significant oil reserves in Europe. At the same time, exports to Turkey grew by 15% to 81.6 thousand tons, and to India - by 54 times from 0.7 to 38.1 thousand tons.
If in 2022 Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, then in 2023 - 5.7 million tons worth $5 billion.
According to market analysts, in the current season the Bunge company significantly increased the volume of oil exports, but Kernel remains the largest producer and exporter of sunflower oil in Ukraine...
According to Share UA Potential, compared to January, oil supplies from Ukraine to the EU decreased by 10% to 364.1 thousand tons due to the accumulation of significant oil reserves in Europe. At the same time, exports to Turkey grew by 15% to 81.6 thousand tons, and to India - by 54 times from 0.7 to 38.1 thousand tons.
If in 2022 Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, then in 2023 - 5.7 million tons worth $5 billion.
According to market analysts, in the current season the Bunge company significantly increased the volume of oil exports, but Kernel remains the largest producer and exporter of sunflower oil in Ukraine...
08.03.2024
USDA maintains forecast for soyabean oil use in biofuel but reduces price projection
The United States Department of Agriculture (USDA) has maintained its forecast for 2023/24 soyabean oil use in biofuel production but reduced its projection for soyabean oil prices, SAF magazine wrote.
In its latest World Agricultural Supply and Demand Estimates (WASDE) report published on 8 February, the USDA forecast lower soyabean
exports and higher ending stocks.
Soyabean exports were forecast at 1.72bn bushels, down 35M bushels from the previous month’s estimate, reflecting the slow pace of shipments in January and strong competition from Brazil, SAF magazine wrote on 8 February.
With crushing volumes unchanged, ending stocks were forecast at 315M bushels, an increase of 35M bushels.
At the time of the report, the USDA expected 13bn pounds (5.8M tonnes) of soyabean oil to be used in biofuel production in 2023/24, up from 12.491bn pounds (5.6M tonnes) the previous year and 10.379bn pounds (4.7M tonnes) in 2021/22.
The US season-average soyabean price for 2023/24 was forecast at US$12.65/bushel, down 10c/bushel compared to the previous month. The soyabean meal price was maintained at US$380/short ton and the soyabean oil price was forecast at 51c/pound, down 3c/pound...
In its latest World Agricultural Supply and Demand Estimates (WASDE) report published on 8 February, the USDA forecast lower soyabean
exports and higher ending stocks.
Soyabean exports were forecast at 1.72bn bushels, down 35M bushels from the previous month’s estimate, reflecting the slow pace of shipments in January and strong competition from Brazil, SAF magazine wrote on 8 February.
With crushing volumes unchanged, ending stocks were forecast at 315M bushels, an increase of 35M bushels.
At the time of the report, the USDA expected 13bn pounds (5.8M tonnes) of soyabean oil to be used in biofuel production in 2023/24, up from 12.491bn pounds (5.6M tonnes) the previous year and 10.379bn pounds (4.7M tonnes) in 2021/22.
The US season-average soyabean price for 2023/24 was forecast at US$12.65/bushel, down 10c/bushel compared to the previous month. The soyabean meal price was maintained at US$380/short ton and the soyabean oil price was forecast at 51c/pound, down 3c/pound...