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Money News

Ukraine sunoil prices jump so far September - analyst

KYIV (Reuters) - Ukrainian sunflower oil export prices have risen sharply so far this month supported by a possible decrease in sunflower seed harvest and a strong demand from importers, analyst APK-Inform said on Wednesday.

The bid prices added $70 to $90 per tonnes so far in September to $945-950 per tonne FOB Black Sea as of Sept. 9, the consultancy said.

APK-Inform noted that the prices had risen by $45-55 per tonne for the whole August.

“The current situation is caused by a fairly high demand from key importers against the background of a limited offers, which is explained by poor prospects for sunflower production in Ukraine because of unfavourable weather conditions,” it said.

Ukraine is the world’s largest sunoil exporter and the economy ministry last week the country’s 2020 sunseed production could fall by 8.5% to 14 million tonnes from 15.3 million tonnes in 2019.

Ukraine’s national sunflower oil producers’ association said last week it could cut its outlook for the 2020 sunflower seed crop depending on weather conditions, but would maintain its forecast of 15 million tonnes for now.

Ukraine produced 6.7 million tonnes of sunoil in the 2019/20 season, which ran from September to August, and exports are expected to have totalled 6.3 million tonnes.

Reporting by Pavel Polityuk, editing by Louise Heavens

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