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Ukrainian oilseeds market 06.02.2019

Last reporting week prices for oilseeds in Ukraine were still in a mixed trend. Prices for sunflower seeds increased again amid of high export prices for sun oil and meal. At the same time, the rise in prices was restrained by national currency strengthening.
Prices for soybeans and rapeseeds remained within the previously formed ranges, despite rather dynamic global market. Soybean market is under pressure from large supply and weak demand from domestic processors. At the same time, export of soy is limited by new rules for VAT refunds. Rapeseed prices also remained steadily high, although largely nominal, due to the lack of adequate supply from producers. The lions share of rapeseeds has already been exported from the country.
Export prices for rapeseed (GMO) have retained within USD400–410/t, FOB for Feb/Mar deliveries. Prices for non-GMO seeds were within USD420–440/t.
Export prices for sunflower seeds have grown by USD7/t to USD350–365/t, FOB, for Feb/Mar deliveries. Soybeans prices have not changed- USD355–365/t, FOB, for supplies in Feb/Mar.
Global market for vegetable oils in the last reporting week was in a mixed trend. Soybean and palm oils continued to rise in price, while prices for sunflower and rapeseed oils slightly adjusted downwards. Soybean oil rose in price against the growth of soybean prices in Chicago and lower estimates of soybean production in South America. Palm oil rose in price with support from soybean oil and crude oil markets, but growth was limited by weak trading activity due to the Lunar New Year celebration.
As for sunflower oil, this reduction is more technical than fundamental. There are practically no offers for oil shipments in February/March, there are offers for April/May/June, which were initially slightly lower.
Export market of sunflower oil in Ukraine turned out to be in a downtrend in the week after several weeks of significant price growth. Prices have rolled back slightly with the start of the Lunar New Year celebration in many importing countries. The decline was about USD10/t. By the end of the reporting week, export prices for crude sunflower oil from Ukraine were within USD675–685/t, FOB, Black Sea ports for deliveries in April/May. Offers for February/March is practically absent, all volumes were previously contracted amid of strong demand from India, Iraq and Iran.
It should be noted a significant increase in prices and quotations for soybean oil in recent times. In particular, offer prices of soybean oil in India in the coming months exceed the prices of sunflower oil. At the same time, for longer deliveries (April/May/June), premium of sunflower oil in relation to soybean oil is about USD20/t. Recall that in the summer of last year, premium of sunflower oil over soybean oil reached USD70/t.
Prices for crude sunflower oil in India for the week have decreased by USD10/t and by the end of the reporting week Ukrainian crude sun oil demand/offer prices (CIF, Indian sea ports) were:
- USD730–740/t, CIF, Mar shipments;
- USD720–730/t, CIF, Apr/May/Jun shipments.

Last reporting week export prices for sunflower meal (in pellets) increased slightly when exported through ports, but declined when shipped to Belarus and Poland. Domestic prices for meal and pellets rose slightly.
Domestic prices for sunflower and soybean oils have not changed, despite the weakening of the export market and the strengthening of the UAH. Prices are supported by insufficient supply of goods for the nearest shipments and strong demand from importers. Prices for soybean pellets fell, and for meal have not changed.

As of this week, traders have set their oilseeds/oil export forward prices:
- rapeseeds- USD400–410/t, FOB, Feb/Mar shipments;
- rapeseeds (Non-GMO)- USD420–430/t, FOB, Feb/Mar shipments;
- sunseeds- USD350–365/t, FOB, Feb/Mar shipments;
- soybeans- USD355–365/t, FOB, Feb/Mar shipments;
- granulated sun.pell- USD210–220/t FOB, Feb/Mar shipments;
- crude sunoil- USD675–685/t, FOB, Mar shipments;
- crude sunoil- USD675–687/t, FOB, Apr/May/Jun shipments;
- crude sunoil- USD680–690/t, FOB, Jul/Aug/Sep shipments.


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