Sep WASDE made downward revision of the global sunseed production in 2024/25 MY – by 2 MMT to 50.5 MMT. Analysts put Ukraine’s crop 1 MMT lower to 12.5 MMT, lowest for the past 3 seasons, owing to decreased yield and harvested area projections. (ASAP Agri cut its SFS 24/25-crop projection in mid Aug to 12.6 MMT).

As well, WASDE pegs lower crops for the EU – 9.5 (-0.65) MMT, Kazakhstan – 1.4 (-0.15) MMT and Moldova – 0.7 (-0.15) MMT.

Consequently, global crush in 2024/25 MY forecasted lower by 1.8 MMT at 46.9 MMT, with Ukraine again down by 1 MMT to 12.15 MMT (lowest in 4 seasons). Also, analysts cut the EU SFS crush forecast by 0.45 to 8.6 MMT.

As for imports, global volumes seen marginally lower – at 2.16 (-0.15) MMT, and projection for Turkey declined to 0.45 (-0.1) MMT.  

Global SFS stocks in 2024/25 MY Sep WASDE sees nearly unchanged – at 2.38 MMT vs 2.45 MMT LM.

Tight Black Sea sunseed balance-24/25 and slow farmer's selling looks supportive for sunoil prices in the near term.