As much as 60% of sunflower oil exports from the Black Sea region have been delayed because of Russia’s invasion of Ukraine, says analyst James Fry.
A person holds bottles of cooking oil made from oil palms at a supermarket in Subang Jaya, Malaysia, on March 8 2022.Cooking oils face “a perfect storm” with as much as 60% of sunflower oil exports from the Black Sea region delayed in this marketing year because of Russia’s invasion of Ukraine, according to James Fry, a veteran analyst and chairperson of consultancy LMC International.
A month ago the company expected sunflower oil exports from the Black Sea to increase by more than 2-million tonnes to 13.5-million tonnes in 2021-2022, Fry said, adding the question is how much of that will be lost because of the war. Crude palm oil for local delivery in Malaysia is expected to trade from 6,600 ringgit to 8,100 ringgit a tonne until July. Most active futures in Kuala Lumpur were at about 6,823 ringgit on Wednesday.
World soybean oil shipments are likely to decline in 2021-2022 because of higher demand in exporting countries. That comes as the estimated expansion in this year’s soybean crush has been cut to 4.5-million tonnes from 16-million tonnes.
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