Sunflower: Stocks in agricultural organizations of the Russian Federation as of the end of January 2022.
Amounted to 2.1 million tons, which is 69% more than last year. This is reported by the Grain On-Line agency with reference to Rosstat.
While The crop insurance price discovery process continues for 2022 crop insurance price elections.
Oil type sunflowers are at $32.00, and confections are $40.00 per cwt., This is an increase of 10 cents for oils and confections from last week. Last year at this same time, oil type sunflowers were at $21.60, and confections were $26.80 per cwt. To follow sunflower price election trends, watch the 2022 CBoT December soyoil contract through February 28.
Final price elections will be announced in early March. CBoT prices were mixed this week but mostly higher as traders continue to assess the state of Russia/Ukraine tensions and South American weather forecasts, which have consistently been the two biggest price drivers.
Amid ongoing economic uncertainties surrounding geopolitical tensions in the Black Sea region and shrinking soy supplies in South America, top global edible oil importers such as India have been in the market looking for stable sources of oil to fulfil demand. Global soyoil supplies are expected to drop to the sixth tightest volume on record. Shrinking palm oil production and Ukrainian uncertainties in the sunflower oil market have created an intense supply squeeze in the world’s top three edible oils markets.
The current situation bodes well for old crop prices in the near to medium term as market participants compete for available supplies.