Sunflower Oil Prices Surge in Europe After Dry Summer
Sunflower oil costs at French ports are trading near their highest levels since November 2022.
Photographer: Angel Garcia/BloombergUkrainian and European sunflower oil prices have jumped as forecasters expect low yields in the country and limited production across the continent, following a hot, dry summer that hampered crop development.
In Ukraine, sunflower yields are expected to fall below the five-year average “largely due to the drought in the south, where most sunflower cultivation takes place,” the European Union’s Monitoring Agricultural Resources unit said in a report. Europe is facing similar challenges, with top producer France expecting output to drop 15% below the five-year average, according to figures from the French agriculture ministry.