Early February

Dear Ladies and Gentlemen,

SFO exports from Ukraine in Sep-Jan 2023/24 reached approximately 2.6 MMT, showing a slight year-on-year increase of 0.3 MMT.

Feb bulk oil vessel export is look impressive from Ukraine ports main destantion Turkey , Egypt, Lebanon.

The container business saw improvement with increased container availability and reduced freight costs. 

Refined oil is less affected by the rise in CSFO prices, mainly due to the profitability of selling CSFO to ports rather than refining at some moments. Offers a refined oil range today 820-850 USD FCA, with demand still low compared to previous year . Destination, focus on short transit cargo, trying to sourcing oil locally or short transit .

India SFO offers at 900-910 CIF in April. Rumors suggest Argentina, due to freight advantages, may become a preferred seller for sunflower oil, potentially causing India to switch to South American suppliers.

Despite a rise in soy oil imports, India's overall edible oil imports declined by 9.2% in January, driven by lower palm oil and sunflower oil imports.

The Polish government is considering applying an 8% VAT on sunflower oil imports from Ukraine, while Bulgaria denies consent to liberalized licensing of Ukrainian sunflower seed imports despite seed shortages affecting production.

SBO oil has seen a notable decline over the last 10 days, with SBO expected to capitalize on pricing advantages and secure significant orders. India soy oil has been trading at similar levels to olein, with palm oil priced at 890 and degum soybean oil at 875 USD in May 2024 .

Brazil's soybean production for 2024 is expected to decrease by 2.6%, with reduced export forecasts for soymeal and steady export estimates for soyoil. Brazil's soy oil consumption is expected to increase by 27.5% in 2024 for biodiesel production.

Combined soybean exports to China were lower compared to the previous year in Dec/Jan 2023/24.

Vegetable oil prices are now more consistent across the board, with soybean oil poised to compete heavily with palm oil unless there's a significant increase in biodiesel demand. 

Russia is expected to exceed 7 million tons in vegetable oil exports in 2023/2024, with CSFO production reaching 727.2 thousand MT in December and refined oil production reaching 243.9 thousand MT.

Ukraine's rapeseed oil exports in the first half of 2023/24 surged to 356 kmt.

Rapeseed production in Ukraine for 2023/24 reached 4 MMT, 23% higher than the previous season, affecting regional prices. 

Rapeseed prices in Ukraine's Black Sea ports remain high at 370-380 $/t, with expectations of decreased supply . Rapeseed oil FCA 750 level .

In the EU, rapeseed production for 2024/25 is forecasted to decrease by 1.4 million tons compared to the previous season, while sunflower and soybean production may increase.

Best regards,