According to APK-Inform, the export prices of Russian crude sunflower oil continued declining sharply last week.
The prices were pressured by prevailing supply over demand. Lower prices of sunflower seed and sufficient number of oilseed offers resulted in higher supply of sunflower oil. At the same time, the demand from importers remained weak amid high freight rates and high risks in the waters of Black and Azov seas. Decrease of palm oil prices on the world market due to its stronger production additionally weighed on the Russian market.
Last week, the offer prices of crude sunflower oil for delivery in July-August decreased by 120-125 USD/t to1475-1530 USD/t FOB deep-sea ports. The bid prices totaled 1410-1465 USD/t compared to 1540-1590 USD/t FOB last week.