OILSEEDS AND THE BLACK SEA
It has now been 9 months since the Kremlin’s ‘special military operation’ started in Ukraine on the fateful morning of the 24th of February 2022. It is still quite unbelievable to this day, what has actually happened and the duration and scale of this conflict, something that hasn’t been witnessed in the European sphere since the second world war.
Much has changed since the start of the invasion and currently, at least at the time of writing, a working grains export corridor is helping both Ukrainian and Russian grains and oilseeds exports from the Black Sea, a major lifeline for the Ukrainian economy and more seen as a global necessity to ensure food prices remain affordable and in sufficient supply.
In the primary news outlets around the world, the main focus has very much been grains focused with predominantly wheat taking the headlines and continuing to do so. Oilseeds, the sunflower and rapeseed complex have not taken the limelight to the same extent, although as we will see, oilseeds production and exports from Ukraine and Russia are considerable and form a substantial percentage of global exports.
The Black Sea area is truly, the global behemoth of sunseed, equating to circa
2021/22 Sunseed Production Estimates
Ukraine Russia EU
Argentina China Turkey
Kazakhstan Modolva
0.00
3,400,000 2,900,000 1,750,000 1,032,000 1,020,000
0.25 0.50 0.75 1.00 Volume (10 Mmt) Source
Agrflow.com 20 | ADMISI - The Ghost In The Machine | Q3 Edition 2022 1.25 1.50 1.75 17,000,000 15,000,000 10,400,000
58% of total production, 32Mmt. The EU, which is the second largest producing area following the Black Sea, produces only a third of Black Sea production at 32.5% of global production at 10.4Mmt. Ukraine is by far the largest with an achieved 2022 sunflower harvest of 17.5Mmt followed by Russia a close second, whom harvested 15.6Mmt in 2022.
The primary importers of Black Sea sunseed are China, Turkey and India. Turkey and India primarily import sunseed oil which represents 52% and circa 97% of total sunseed imports in 2021. China has in recent years very much diversified with sunseed meal equating to 52% of its total sunseed imports in 2021. These figures themselves demonstrate the pressure that has and is being faced from the importers in light of the current conflictual situation.
OILSEEDS PRODUCTION AND EXPORTS FROM UKRAINE AND RUSSIA ARE CONSIDERABLE AND FORM A SUBSTANTIAL PERCENTAGE OF GLOBAL EXPORTS
2021 Black Sea Sunseed Derivatives Top 10 Importers
Turkey China India
Netherlands Egypt Spain
France Italy
Optional Iran
0.0 3,216,859 2,325,181 1,342,260 1,091,887 826,955
773,250 715,838 605,163
318,889 274,585
0.5 1.0 1.5 2.0 Volume (Mmt) 2.5 3.0
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