Commodities Bulletin Sunflower Oil
As far as sunflowers are concerned, there is an estimated increased production in Ukraine.
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Spotlight on the major commodities markets as a tool to help with buying strategies, the demand for peas is decreasing.
- NORTH AMERICA: US imports halved as demand for Canadian yellow peas dropped sharply. Following heavy snowfall in early April, planting took place later than usually in the USA and Canada. Expectations of a drop in acreage in Canada were confirmed.
- CHINA: In an attempt to limit the country's heavy reliance on soybean imports for animal feed, China's Ministry of Agriculture may encourage the increased use of peas for long-term feed use.
- INDIA: Confident of a chickpea production in line with last year's, the Indian government has stated that it will continue to ban imports of yellow peas, despite calls from importers and millers to change this policy.
- EU: A significant part of the peas imported from Europe originate from Ukraine, which often offers better quality and prices than other supplying countries. Therefore, the initiative by Poland, Hungary and Slovakia to block wheat imports from Ukraine caused tension in the market. However, the downward trend in French peas quickly resumed in the face of virtually no demand and an inability to counteract the weakness of the cereal sector.
As of today, a strong recovery in international demand seems unlikely to stimulate price growth between now and the end of the current campaign. This is mainly due to large stocks, high production forecasts, Russia's entry into the Chinese market, and the Indian government's latest declarations that it will continue to ban imports. The situation is different for greens, which are still suffering from limited availability and are expected to remain tight.
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