Russia is deliberately targeting Ukraine’s vegetable oil sector, carrying out systematic strikes on processing plants, ports, and infrastructure. Against this backdrop, vegetable oil prices have surged, with sunflower oil FOB six ports reaching their highest level since August 2022.
Over the past three weeks, there have been at least nine strikes on processing facilities and port infrastructure. According to market participants, about 25% of processing capacity is currently idle due to logistical disruptions, power supply problems, and security risks.
As of January 8, sunflower oil FOB six European ports — Rotterdam, Amsterdam, Antwerp, Ghent, Dunkirk, and Dieppe — rose to around $1,409 per ton for February shipments, up $80 per ton from mid-December levels. This is the highest price since August 2022.
Canadian Prime Minister Mark Carney is expected to visit China around January 13, amid discussions on a possible partial easing of mutual trade restrictions. As part of these talks, Canada may suspend its tariffs on Chinese electric vehicles for one year, a move seen as an attempt to de-escalate tensions in bilateral economic relations.
With 35% of the crop left to harvest, growers across top states have just over 27.3 million acres of corn still to be run, Successful Farming reports.
Torrential rains have put the Brazilian state of Rio Grande do Sul — the second largest soybean-producing state — in public emergency and are causing crop losses. The accumulated rainfall last week was over 31 inches (~79 cm) with more rain expected this week.
The FAO Food Price Index (FFPI) stood at 119.1 points in April 2024, up 0.3 points (0.3 percent) from its revised March level, as an increase in the price index for meat and smaller upturns of vegetable oil and cereal indices slightly more than offset decreases in those for sugar and dairy products.
NATO members Turkey, Romania and Bulgaria are nearing an agreement to create a joint force to demine their parts of the Black Sea following Russia's invasion of Ukraine.
Wine output in Italy looks set to fall 12% this year to below 44 million hectolitres after extreme weather and fungal diseases severely hit vineyards, Italian wine lobbies UIV and Assoenologi said on Tuesday.
FAO Food Price Index drops in August, reversing the slight rebound of the previous month.
India’s edible oil imports in July rose to a record 1.76 million tons as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, dealers said to Reuters.