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In the 2023-2024 agricultural season, which ended on September 30, imports of unrefined sunflower oil in Turkey decreased by more than 36% compared to the previous season to 350 thousand tons, according to data from the authoritative German market analysis and forecasting company Oil World, cited from the electronic edition APK-Inform. This is the weakest result for the last 3 years. The decline is mainly due to a reduction in supplies from Ukraine, and record exports (up 6% compared to the 2022-2023 season to 350,000 tons) have led to a significant contraction of stocks in Turkey. At the same time, the second year in a row with a relatively weak sunflower harvest in the country limits the supply on the domestic market. Currently, Turkish importers are not actively buying sunflower oil on international markets due to its high prices, while at the same time they expect a reduction in the duty on the import of the product in early 2025.

The Indian government has increased the basic duty on crude palm, soybean and sunflower oil from 0% to 20%, and on refined palm, soybean and sunflower oil from 12.5% to 32.5%. The move should support oilseed farmers, especially in the states of Maharashtra and Madhya Pradesh, and boost oil exports. Now the effective (full) duty on crude palm, soybean and sunflower oil will increase from 5.5% to 27.5%, and on refined oil - from 13.75% to 35.75%, which will greatly limit oil imports in the near future, especially sunflower, which has risen in price significantly. Asian markets had a day off yesterday, so palm oil prices will only react to the new rules today. On Friday, October palm oil futures on Bursa fell 0.55% to 3,831 ringgit/t or $888/t (-1.7% for the week).

Crude sunflower oil rose in price at the import auction in Egypt, nearly 70,000 tons and 6,000 tons of soybean oil were purchased from the domestic market