Sunflower oil prices declined in North America during the first quarter of 2023 as a result of decreased market sentiment and low market from the downstream sectors. The price of sunflower oil decreased in the first half of Q1 as a result of a decline in local retailers' demand. As a result, the cost of oil decreased in the local market. Sunflower oil is no longer in high demand from consumers. Also, Canada had been the principal destination for US sunflower oil imports, but as Canadian demand for the product plummeted, the price of the commodity dropped sharply. Throughout the second half of Q1 2023, prices continued to fall as a result of lower inflation and improved supply from European countries. The product's price reduction in the first months of the quarter caused a rise in inventories, which in turn caused the commodity's price to decline. Prices decreased in the last month of the quarter as a result of merchants having enough commodities in hand. The price of Sunflower oil for FOB Houston (USA) in March 2023 was reported to be USD 1085/MT around the conclusion of Q1 2023.
During the first quarter of 2023 in the Asia Pacific region, Sunflower oil prices declined due to the low inflationary pressures with the prices of food, petrol, and crop nutrients. Prices fell in the first quarter as a result of zero-covid regulations being adopted throughout the Chinese market, which opened the door for a seamless domestic supply chain and steady demand from end-user businesses and local dealers. Sunflower oil prices fell in the second half of Q1 as a result of the product being predominantly imported from the European region. The markets were also seeing easy seed production, which further eased the supply concerns. The price of Sunflower oil for CFR Shanghai (China) in March 2023 was estimated to be USD 2285/MT around the end of Q1 2023.
The prices of Sunflower Oil in Europe decreased throughout the first quarter of 2023. The price of the good has since dropped as a consequence of the sizable amount of inventories in the domestic market. The manufacturers had to reduce the price because the product was made in excess. As a result of numerous prohibitions that have been approved in its primary importing countries, the price of the good has considerably decreased in its home market. Even though the domestic market has a sizable need, there is enough inventory to satisfy customer demand. Prices kept dropping because producers had to increase sales of sunflower oil because there were massive inventories in the second part of Q1 2023. Towards the end of Q1 2023, the price of Sunflower oil was recorded to be USD 1030/MT for FOB Chornomorsk (Ukraine) in March 2023.
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