News
14.10.2009
Oil World cuts global sunflower seed crop forecast
The global 2009-10 sunflower seed crop is likely to fall 2.6 million tonnes on the year to 31.7 million tonnes and smaller supplies are likely to raise prices in coming weeks, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. The forecast is 0.6 million tonnes below Oil World's previous estimate three weeks ago.
Sunflower seed and sunoil prices are still attractive and below those for soyabeans, rapeseed, soyaoil and rapeseed oil, it said. "But due to the prospective sizeable decline in world supplies in January-August 2010, we expect a strengthening of sunseed and oil prices within the next four to eight weeks and a narrowing of the price discounts vis-a-vis soyabeans, rapeseed and their oils," it said.
It estimates the European Union's 2009/10 sunseed crop will fall to 6.45 million tonnes from 6.79 million tonnes last year. Other falls are likely in Argentina, Russia the US and Turkey. "The sunseed market is in transition," it said. "Large old-crop supplies of sunseed and oil are weighing on prices in the nearby (delivery positions) but the increasing shortage of supplies shaping up in the coming months is already affecting price-making."
Reuters
