In mid-September, Ukrainian MP Dmytro Solomchuk predicted a 40% increase in prices for sunflower oil – to 110 hryvnias. At the same time, its price, although it has increased, has not increased significantly – by about 5 hryvnias instead of the predicted 30 hryvnias, but everything can change.
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According to the Ukragroconsult website, increased precipitation in Ukraine has complicated the harvesting of sunflower, which has led to an increase in prices and a decrease in the volume of its processing into oil. Thus, in September, the volume of sunflower processing in Ukraine amounted to only 560 thousand tons, which is the lowest figure since July 2022.
As of October 9, 6.3 million tons of sunflower were harvested from 66.8% of the areas in Ukraine with an average yield of 1.85 tons/ha, while last year on this date 8.8 million tons of sunflower were harvested from 87% of the areas with a yield of 2.05 tons/ha. At the same time, the dry, albeit cool, weather that has set in will facilitate the harvesting of sunflower and soybeans and, possibly, increase the supply from farmers, that is, reduce prices. Currently, the price of sunflower in Ukraine has increased by another 500 UAH/t to 28,000−28,500 UAH/t with delivery to the factory.
Note that according to the Ministry of Finance portal, prices for sunflower oil are increasing both in Ukraine and in the world:
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- World prices for sunflower oil increased from $1,359 per ton on October 1 to $1,410 on October 13;
- The price of an 850-gram bottle of sunflower oil in Ukraine increased from UAH 79.5 in September to UAH 84.5 on October 13.
Meanwhile, the harvest effect occurs not only with sunflowers, but also with vegetables, which leads to a decrease in their supply on the market and an increase in prices for these products, which are still cheap in the summer.
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