According to updated data from APK-Inform, sunflower processing in July continued to decline due to seasonal factors, particularly the reduction in sunflower stocks and the switch of some enterprises to rapeseed. Nevertheless, the processing volumes exceeded previous estimates, reaching just over 1 million tons.
"This figure is 10% lower than June's processing volume but remains one of the highest for July," APK-Inform emphasized.
In total, over the 11 months of the 2023/24 marketing year, Ukraine processed the highest volume for the industry in the past four seasons—about 14.4 million tons, making it the third-highest figure for this period in history, following the 2019/20 MY (15.4 million tons from September to July) and the 2018/19 MY (14.6 million tons).
The sunflower processing forecast for the 2023/24 season has been raised to 15.2 million tons (+7% to the preliminary estimate; +9% compared to the previous season), which is very close to pre-war peak levels and exceeds both the official production data for this oilseed in the country and most expert crop estimates for 2023.
Amid high sunflower processing rates and sunflower oil exports from Ukraine this season, APK-Inform adjusted the crop estimates for previous years in August, as analysts believe they were underestimated due to the military actions and the challenging situation in frontline regions.
For more detailed information on trends in the Ukrainian oilseed market, please refer to the monthly analytical reviews in the "Analytics" section of our website.
Trends and prospects of the oilseed market in Ukraine, the Black Sea region, and the world will be discussed at the 22nd International Conference "Fat&Oil Industry-2024," which will take place on October 30 in Kyiv.
