Sunflower Oil Market Report – 30 November 2015

Posted November 30th, 2015 by Veg Oil Desk & filed under Sunflower Oil Market Report, Sunflower Oil Prices.

Mr Putin from Russia announced a list of sanctions between Turkey and Russia mainly effecting tourism at the moment. Efforts of Turkey to keep Russia calm are not coming handy and we should see some impact on the market. As one of my friend from Ukraine said “Mr Putin does first and then thinks” so there you go he had imposed sanctions to his largest market of Wheat. Euro continues to go down against dollar and new direction can only be seen in 3rd Dec ECB meet.

+ Input from our Turkish – Veysel LOCAL SUNSEED PRICES: (The USD/TL parity and local Sunoil prices)

* Current Sun seed new-crop Dec 15/Jan 16 CIF Marmara offers (mostly 455 – 465 $/mt with limited offers), import cost is at least 1.760 TL/mt for 40 basis. CIF Mersin import cost also around 1.800 TL/mt.

* In Thracian commodity exchanges, some small parcels continued to be trade by Friday (but farmers are not so willing sellers and USD/TRY is also increasing to make cost high), the price average was at 1.650 – 1.660 TL/mt EXW range as 40/8/2-3 quality basis.

However, we also heard Crushers paid purchasing prices up to 1.675 – 1.680 even 1.690 – 1.700 TL/mt CPT as cash and/or 1-2 even 3-4 weeks delays.

* With current situation, it seems cash 1.650 – 1.700 TL/mt EXW/CPT range will be kept for a while!!!!!

+ BLACK SEA SUNSEED PRICES: Shortage in Sunseed exportable surplus and not too many sellers still remains the fact of market. Because of this the crush is running in negative margins.

* In Constanza, the heart of Sunseed biz in Black Sea, Dec 15/Jan 16, offers were 430 – 435 vs 445 – 455 $/mt by Yday.
* Weaker EURO vs Dollar / unfavorable crush margins further limit the demands of European buyers.
* FOB Danube Ports such Braila/Galati/Reni etc where Turks are more active, new-crop prices were 415 – 420 vs 435 – 445 $/mt as well!!! + 6 ports Europe slow start here :
JFM 855 v 835
AMJ 855 v 835
JAS 870
OND 850
* Black Sea sunflower oil Dec 820 vs —, Jan 815 vs —, FM 795 vs , AMJ 792.50 vs —
* Russian sunflower oil offered for Jan 800 vs —
* Spain offered at USD 845 vs —
* Italy offered at USD 842 vs —
* India indicated for Dec 875 vs —, Jan 865, FM 860, AMJ 855 vs —
* Turkey indicated 850 for Jan
* Currency INR 66.69, Euro 1.0564, UAH 23.89, and Rub 66.27