Source: Oleoscope (Russia)
Vegetable oil prices have risen significantly in the last 4 weeks. Analysts from OilWorld (Germany), quoted by APK-Inform, predict that the sharp rise in quotations could cause a temporary price decline in the near future, but that prices will approach three-year highs this marketing year.
Sunflower oil is likely to be the frontrunner for price increases as an expected sharp decline in global export shipments will increase the price premium of this product over soybean, rapeseed and palm oil. Reports of unexpectedly high crop losses in France due to above-average rainfall and in the Black Sea region due to drought have caused sunflower and oil prices to rise further.
On October 10, Malaysian palm oil cost USD 1065/ton FOB, Indonesian palm oil USD 1120/ton, Argentine soybean oil USD 1029/ton and Black Sea sunflower oil USD 1100-1180/ton CIF Mersin with immediate shipment.
Earlier it was also announced that Turkey is expecting the lowest sunflower harvest in a decade.