In Q4 2023, the Sunflower Oil Prices in the United States were $1370/MT. The FAO vegetable price index declined by 0.7% in October, factory employment fell, and expected supply increases led to price drops.
The latest report by IMARC Group, titled "Sunflower Oil Pricing Report 2024: Price Trend, Chart, Industry Analysis, News, Demand, Historical and Forecast Data," provides a thorough examination of the Sunflower Oil Price Trend. This report delves into the Price of Sunflower Oil globally, presenting a detailed analysis, along with an informative Price Chart. Through comprehensive Price analysis, the report sheds light on the key factors influencing these trends. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores the Demand, analyzing how it impacts industry dynamics. To aid in strategic planning, the price forecast section provides insights into price forecast, making this Price report an invaluable resource for industry stakeholders.
Sunflower Oil Prices December 2023:
- United States: 1370 USD/MT
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Key Details About Sunflower Oil Price Trend – Last Quarter
The sunflower oil industry is primarily driven by the increased downstream demand, spurred by efforts to replenish inventories and a growing focus on biofuels. Besides this, the increasing consumer demand for healthier cooking oils and the rise in global food consumption are aiding in industry expansion. As awareness of the benefits of sunflower oil—such as its high content of monounsaturated fats and vitamin E grows, consumers are opting for it over oils with higher levels of saturated fats. Additionally, sunflower oil's neutral flavor and high smoke point make it a popular choice in both home and commercial kitchens, thus creating a positive outlook for industry expansion.
Factors Influencing Sunflower Oil Prices – Last Quarter
In North America, prices saw a notable rise in January due to heightened downstream demand and inventory replenishment efforts amid increased advocacy for biofuels. This initial spike was also influenced by geopolitical tensions and trade disruptions, which led to increased shipping costs and export challenges.
However, February brought a sharp decline in prices, primarily due to weaker trade quotations from neighboring industries and a shift toward more competitively priced products from Europe. The Food and Agriculture Organization (FAO) Food Price Index's decrease and expectations of ample global export supplies further contributed to this decline. By March, prices began to rebound modestly, influenced by rising costs of other vegetable oils and strategic price adjustments by merchants to manage surplus supply. Despite a strengthening US dollar adding upward pressure on prices, concerns over potential trade disruptions due to Mississippi River bottlenecks remained.
On the other hand, in Asia Pacific, the quarter started with a downward trend in sunflower oil prices due to reduced demand and oversupply issues. China's imports of competing oils from Ukraine and Russia, combined with lower export costs from these regions, significantly impacted prices. Additionally, logistical challenges, including disruptions caused by the Red Sea trade dispute and increased freight costs, further complicated the pricing environment. The strengthening US dollar also made imports more expensive, contributing to industry volatility. However, reduced freight costs and increased downstream consumption allowed traders to recover previous losses by selling off inventories at higher prices. The devaluation of the Yuan against the dollar also played a role in stabilizing the industry.
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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