Sunflower Oil Export Prices Surge 20% Over Year

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Black Sea sunflower oil export prices reached $1,350 per ton by the end of March, marking a 3.3% increase month-on-month and a 20.1% rise year-on-year, according to data from OleoScope, as reported by Kommersant.

Global prices for rapeseed and palm oil have also risen, increasing by an average of 23% and 8% respectively since the start of the year.

Market participants attribute the price surge to the conflict in the Middle East. Logistics costs now include a war premium, with freight rates rising by 15-20% and up to 50% on some days. Additionally, the rising cost of crude oil is boosting demand for biodiesel.