Following Russia's invasion of Ukraine in 2022, global sunflower oil trade faced disruptions and prices skyrocketed.
Immediately after the war, when prices climbed above 2,300 dollars per ton, farmers in Ukraine harvested more than expected during wartime. Agricultural analysts announced that they expect sunflower oil production to break records due to high supply from major exporters.
According to U.S. Department of Agriculture estimates, global sunflower production is expected to reach 22 million metric tons in the 2023 harvest year. If this forecast is realized, it will mark the first time global sunflower production has broken a record since 1960.
UkrAgroConsult General Manager Sergey Feofilov stated that growing sunflower seeds is more profitable than growing wheat and corn, adding that the harvest has just concluded in Ukraine—currently the world's second-largest producer—and that supply is at its peak.
As sunflower oil prices rose over the last 2 years, food manufacturers were forced to change recipes for many products, from chips to cookies.
The United Nations Food and Agriculture Organization (FAO) noted last year that declining agricultural production due to the war would pose a food risk for importing countries, and that there might be a shift toward soybean, palm, and rapeseed oils as alternatives to sunflower oil in the near term.
News Source: 12punto
