Sunflower Oil Market Report – 27 November 2015

Posted November 27th, 2015 by Veg Oil Desk & filed under Sunflower Oil Market Report, Sunflower Oil Prices..

Russia is thinking of imposing some trade sanctions on Turkey after the recent downing of Russian plane. Russia is a major exporter of Wheat and Sunflower oil to Turkey and we expect this business can go back to Ukraine. Russian oil will find its way to Egypt/Iran and other countries. Some importers will also try their luck to bring this in India. Ukraine sunflower oil sellers are not actively participating today, day after the dinner and being Friday still we saw good volumes FOB getting traded for AMJ around 790-95. Other Sellers nominally quote prices of USD 810 for near by like Dec/Jan and around 800 for forward months. Buyers on FOB also are not chasing with some indicating USD 795 to pay for AMJ. Indian markets are now finding some demand in sunflower oil as few vessels get delayed. India still imported record oils in the month of November and also fairly large volumes in sunflower oil. On Palms most of the speakers at Bali are predicting a bull run. El nino is to be blamed.

Turkey – (News from our veysal Kaya) Week Summary: In Constanza/Varna, the heart of Sunseed biz in Black Sea, Dec15/Jan16 offered as 430 – 435 vs 445 – 455 $/mt ( but with very limited sellers ). FOB Danube Ports such Braila/Galati/Reni etc where Turks are more active, Dec15/Jan16 prices are 415 – 420 vs 435 – 445 $/mt as well!!! For CIF Marmara, around 455 – 465 $/mt level is indicated.

Bullish Fundementals: Hot and drier weather conditions in Balkans especially considerably lower new-crop sizes. Almost all BSea countries are increasing their crushings to create added-value, so exportable Sunseed surplus is getting limited along with lower Rapeseeds production in Black Sea. Bearish Fundementals: UA/RU achieved record new-crop sizes, so they may offer cheaper Sunoil ( as well as Sunmeal ) prices by creating zero crushing margins. Weaker EUR limits EU demands. Crude is sluggish and so is bean oil at Chicago making sunflower oil a premium most oil.

Mkt Midday Closing:
DALIAN Jan/May
PO +80 4320 +94 4620
BO +34 +8
SB +18 -25

CBOT
Closed for Thanksgiving Holiday
ENERGY
Crude Jan -0.56 42.48
Gasoil Jan +0.50 427.50
Brent Jan -0.13 45.33
POGO Apr 120.22

FX
EUR 1.0611
RMB 6.3931
MYR 4.2345
SGD 1.4083
INR 66.7688
IDR 13744

Palm oil BMD (3rd month) Feb +24 2365
Hi 2365 Lo 2339
Vol 10,440 lots

MSIAN OLN
Dec 540 v
Jan 565 v
JFM 575 v 570
FM 590n v
Mar 595 v
AMJ 600 v 597.5
JAS 597.5 v 592.5
INDON CPO
Dec 500 v
Jan 520 v 495
LOCAL MSIA CPO
Dec 2130 (DLVD)
LOCAL MSIA STEARIN (ASSESSED)
Dec 475 (DLVD)
LOCAL MSIA PFAD (ASSESSED)
Dec 385 (DLVD)
6 ports Europe December seller 865
JFM 850 v 840
AMJ 855 v
JAS 860 v 850
OND 850

* Black Sea sunflower oil indicated at Dec 820 vs —, Jan 810 vs 800, Feb 800 vs 795, March 800 vs 795, AMJ 795 vs 790(currently after trading 795)
* Russian sunflower oil indicated 800 for Jan
* Spain offered Jan at 860 vs —
* Italy offered at USD 857 vs —
* India indicated Jan 865, Feb/March 860, AMJ 855 vs —
* Turkey ukraine origin indicated for Jan at 850 vs —
* Currency euro 1.0584, INR 66.68, UAH 23.89 and rub 66.31