After Russia, Ukraine, and Turkey entered into an agreement to supply food items to the global markets, the sunflower oil prices are all set to fall during the festive season due to shipments resuming.
After Russia, Ukraine, and Turkey entered into an agreement to supply food items to the global markets, the sunflower oil prices are all set to fall during the festive season due to shipments resuming.
With 42,000 tonnes of sunflower oil, the first vessel to come to India is reportedly to be loaded by the end of August. Carrying 20,000 tonnes of sunflower oil, the second vessel will be loaded on 4th September, as per reports.
As per the traders of the edible oil, the shipments are all set to reach India by October 15th which is Dussehra. This would ensure an ample supply of sunflower oil throughout the festive season.
The agreement states that the Russian Federation commits to facilitate a smooth export of food and sunflower oil from the Ukrainian-controlled Black Sea ports.
In the beginning of this year, the sunflower oil prices fell to $1,520 per tonne from around $2,350 per tonne. Additionally, the prices are all set to fall more once Ukraine enters the market.
July 22nd had seen the senior representatives of Ukraine, Russian Federation and Turkey gathered together to hold high-level discussions about the safe transportation of grain, related foodstuffs and fertiliser from Ukrainian ports to global markets. The agreement was signed by The United Nations as a witness.
Prevention of global hunger, reduction and addressing of food insecurity, and ensuring the security and safety of merchant ships departing or entering the Ukrainian ports were the key points of the discussions.
