As of the end of October, sunflower has been harvested from 86% of the area, the harvest reached 8.4 million tons compared to 9.6 million tons on the same date last year.
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“Low yields, high energy prices, as well as increasing costs and logistics disruptions may lead to another unprofitable year for the processing industry. The increase in processing capacities in Ukraine this season may reduce their utilization rate to 60% or lower,” analysts at Spike Brokers said.
Brokers clarified that these factors are causing concern in the global market and maintaining stable demand for sunflower oil. There is stable demand for sunflower oil to Turkey at levels of $1.3-1.32 thousand per ton with deliveries in November-December.
Meanwhile, rising prices for soybeans and soybean meal also provide additional support to the oilseed complex and create potential for further price increases for sunflower next week. As forecasted by Spike Brokers, sunflower prices rose by $10-13/ton with VAT in a week. Thus, the spot price index for sunflower with delivery within 30 days currently stands at $697/ton with VAT.