In August Ukraine exported 364k tons of sunflower oil

19 September 2022

Since the beginning of Y2022 and till the end of August Ukrainian sunoil export made 2.4M tons for $3.4bln.

Export of sunflower oil in August was by 30% higher m-o-m, average export price made $1.2k per 1 ton. One can also note further increase of sunoil export in September in the first half of the month Ukrainian companies already exported more than 200k tons of oil.

On the other hand sunseeds export has started to decrease in August it made 164k tons vs. 360k tons in July and 540k tons in June. We see main reason in opening of Ukrainian deep sea ports.

Before opening of big Odessa ports it was clear that alternative routes are not sufficient to provide for the whole potential sunoil output export. Crushing activity significantly went down as well (for example, Kernel decreased oilseeds processing volumes by 75% y-o-y), so due to high demand volumes of sunseeds export started to increase.

At the current stage exporters are not ready to bear additional logistics costs, so domestic price for sunseeds becomes more competitive vs. export one and export of sunseeds by railcars, trucks and barges shrinks.

Ukrainian sunflower oil export August 2022

Main question now is if with new sunseeds crop coming to the market, its export will grow again, With all the risks related to Ukrainian Black Sea grains corridor operating, we can assume that there can be new wave of sunseeds export activization, while sunoil export should remain significant.

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Wheat CBOT
Iron Ore
Crude Oil

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