Disruptions to Ukrainian and Russian Black Sea exports are supporting global vegetable oil markets, according to GrainTrade. The report links halted or reduced shipments to stronger Indian demand for palm, soybean and sunflower oil.
Malaysia’s October palm oil futures rose 2.4% over the week to a four-month high of 4,860 ringgit/t ($1,196/t), while Indian palm oil imports increased 47% in the first seven months. However, Malaysian stocks reached a two-year high of 2.63 million tonnes in July, and exports fell 7.9% during the first half of August, indicating potential pressure on prices later in the month.
Russian sunflower oil for September delivery gained $30-40/t to $1,350-1,360/t FOB amid limited supply and higher freight and insurance costs. Indian sunflower oil bids held at $1,485-1,490/t CIF Mumbai. Ukrainian sunflower oil demand was assessed at $1,310-1,335/t for August delivery to Danube ports, but offers were reportedly almost unavailable.
Ukrainian rapeseed oil remained at €1,000-1,020/t FCA plants, supported by EU demand. Seasonal supply growth from September could pressure prices if alternative Black Sea logistics are restored.