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Sunflower seed demand in the EU weakened slightly after a brief recovery in May. EU prices reflected
the demand losses in the Ukrainian and Russian markets, with many market participants waiting for
the new marketing year's (MY) supply. The June average price of European sunflower seed was
recorded at EUR 433.6/MT, up 50% y-o-y but down 4.9% m-o-m.
A change in the US biofuel policy allowed smaller firms to be exempt from biofuel blending
requirements, in turn reducing demand for the oilseed and vegetable oils which act as feedstocks.
Additionally, with higher production expected in the 2021/22 MY, prices have been pressured
throughout the month. The CBOT soyabean average price reached USD 510/MT in June, up 60% y-o-y
but down 7.6% m-o-m.
The US soyabean oil market was largely flat m-o-m as the effects of the change in US biofuel policy
and a resurgence in global COVID-19 cases weighed on the market preventing significant price
increases. The June average price of CBOT soyabean oil charted at USD 1,373/MT, up 120% y-o-y and
0.5% m-o-m.
The EU sunflower oil price fell slightly in June, following lower demand in the EU, Ukrainian and
Russian sunflower seed markets. The June average price of EU sunflower oil was EUR 1,109/MT, up
55% y-o-y but down 15% m-o-m.