European biodiesel producers are reducing demand for Ukrainian soybean and sunflower oil: Report
Last week, the grain and oil crops market experienced subdued trading activity, with wheat prices declining due to reduced demand, an active U.S. harvesting season, and positive winter crop yield expectations in the Black Sea region, according to the Ukrainian Universal Exchange. Sunflower and soybean markets remained stable. Additionally, rapeseed harvesting in Europe and higher canola oil forecasts prompted European biodiesel producers to lower demand for Ukrainian oils, leading to price drops.
During the previous week, trading activity in the grain and oil crops market continued to be subdued. According to the Ukrainian Universal Exchange press service, the decline in wheat prices was influenced not only by reduced demand but also by an active harvesting season in the USA and optimistic expectations for winter crop yields in the Black Sea region, reported Tridge.
Meanwhile, stability characterized the sunflower and soybean markets.
With the start of rapeseed harvesting in Europe and forecasts for higher volumes of new crop canola oil, European biodiesel producers are reducing demand for Ukrainian soybean and sunflower oil, leading to lower prices after their sharp rise in May.
Source Link : https://bioenergytimes.com/european-biodiesel-producers-are-reducing-demand-for-ukrainian-soybean-and-sunflower-oil-report/
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