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Sunflower Oil assessed at highest price on record

March 8, 2022

1 mins read

 

The Mintec Benchmark Prices [MBP] for Sunflower Oil 6 Ports Option [Mintec Code: SFOR] were assessed at $2,650/mt on 8 March, up $800/mt on the day. This assessment is $879.50/mt higher than the previous record high, which occurred on the 10 March 2021 at $1,770.50/mt. Mintec has Sunflower Oil price data going back to 1975, and never has the price been higher.

Ukraine and Russia produce most sunflower seeds globally and account for the lion’s share of sunflower oil export. Due to the war in Ukraine and the sanctions placed on Russia the two nations have exported significantly fewer amounts onto the global markets. Without these two nations supplying sunflower oil to the global market there has been a scramble to purchase from alternative origins such as Argentina, where bids have risen $375/mt since the conflict began.

However, due many nations now looking to buy from Argentina, volumes are now limited. This has pushed a significant number of market players back to seek supply from the European Union. In addition, due to high prices throughout the season market players do not currently have long cover and according to Mintec sources it is only a matter of time before buyers are ‘forced’ to secure volumes and potentially pay even higher prices for the commodity.

Kyle Holland
Kyle Holland

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