The Second Quarter of 2023 the US Sunflower Oil prices Online

North America

Across the North American region, the Sunflower Oil Prices depicted a similar market trend as that in Europe throughout the second quarter of 2023. As the prices for Sunflower Oil went down since the start of the year 2023, market sources stated that the downtrend in prices would continue through this quarter due to high stocks of sunflower oil across the region, sufficient supply of European buyers and the abolition of export duties owing to Russian halt in black sea grain deal continuing to put pressure on the market as the exports from Ukraine one of the major producer reduced. Besides this, on average, the dip in the prices for Sunflower Oil until the end of June was more than 7 percent. Moving towards the termination of June, another factor that supported the weakened price trend included the change in climatic conditions, which further affected the import momentum. Besides this, Economic concerns such as rising interest rates also weighed on Sunflower Oil prices as higher energy prices and a slight increase in refinery inventories weighed on market sentiment across the North American region. With this, the prices of Sunflower Oil in the United States were settled at USD 840/MT FOB Houston in June. Sunflower oil used in biofuel industry.

Asia Pacific

Sunflower Oil prices across the APAC region, primarily in the Chinese market, demonstrated a decremented trend during the second quarter of 2023. Edible oil companies have decided to reduce prices of cooking oil after witnessing a consistent drop since the beginning of 2023 in order to destock their higher stockpiles and prepare for new stocks. However, in the month of May, the prices for Sunflower oil dropped more than anticipated and were even lower than palm oil which shifted the consumer's attention towards it. Owing to this, the merchants started buying more sunflower oil in comparison to others as it was available at cheaper rates. Additionally, another factor that resulted in a drop in the prices for vegetable oils includes the Russian halt in the black sea grain deal, continuing to put pressure on the market as the exports from Ukraine, one of the major producers, reduced, which in turn affected the supply of edible oil across the globe, China one of the importers of vegetable oil from Ukraine. With this, the prices of Sunflower oil in China were assembled at USD 930/MT CFR Shanghai

Europe

With a consistent decline in prices, the market of sunflower oil ended the second quarter of 2023 on a bearish note. Ukraine, considered one of the major exporters of vegetable oil, is offloading a lot of vegetable oil in the global market at a lower price than usual. The beginning of the summer months (i.e., May to August) has been marked by a steep decline in the value of sunflower oil for FOB Black Sea Ukraine delivery, as this 60-day extension of the Black Sea Grain Initiative, which was confirmed on May 18 did not provide any relieve in downward prices of sunflower oil prices, as the European market remained heavy on stocks purchased on a prompt basis prior to the deal's renewal. Moreover, moving towards the termination of the second quarter, various market analysts reported that in June, the processing of sunflower oil mills in Ukraine dropped for the second consecutive month, below the May indicator, and became the lowest monthly result ever since the start of the current harvest season. Due to the rainfall during June and July, Soybean Oil prices further fluctuated on the south side amid the abundance of global exportable supplies among the merchants. With this, the prices for Sunflower Oil in Ukraine were settled at USD 755/MT FOB Chornomorsk IN Ukraine while USD 765/MT FOB Novorossiysk in Russia.

ChemAnalyst addresses the key problematic areas and risks associated with chemical and petrochemical business globally and enables the decision-maker to make smart choices. It identifies and analyses factors such as geopolitical risks, environmental risks, raw material availability, supply chain functionality, disruption in technology and so on. It targets market volatility and ensures clients navigate through challenges and pitfalls in an efficient and agile manner. Timeliness and accuracy of data has been the core competency of ChemAnalyst, benefitting domestic as well as global industry in tuning in to the real-time data points to execute multi-billion-dollar projects globally.