Local Turkey

Sunflower oil prices expected to decrease in Turkey in the new season

Trakya Association Chairman Ahmet Akgun stated that the rains in Trakya will affect the harvest this year positively and that they expect a decrease in sunflower oil prices with the increase in production.

Trakya Association Chairman Ahmet Akgun told Anadolu Agency (AA) that there are several reasons for the price increase of sunflower oil.

Stating that these increases started with the epidemic, Akgun said, “The increase in sunflower oil prices is a situation caused by drought and pandemic. Thrace has received good rain recently. Our perspective on production has changed with these rains. We started to believe that our production would be good. I hope we have a winter ahead of us with snow and rain, we believe it will be good.”

Akgun reminded that they sold a ton of sunflower for ₺2,500 in 2019, “In 2019, 5 kilograms of sunflower oil was around ₺40. Then it came to around ₺42, but in 2020 and this year, ₺65-₺70 prices were on the shelf.”

Arguing that there were some speculations about the price of sunflower oil, Akgun continued as follows:

“Is there an increase, yes there is. But this increase is not only in the price of sunflower oil, there is an increase in all of them. These increases will reflect on our table in a way, but there is a very swollen market. We are dependent on abroad. The sunflower oil we produce is around 1 million 500 thousand tons. In our country, around 1 million 800 thousand tons of sunflowers are produced. Apart from that, we need around 3.5 million tons of sunflower. We have to buy the rest of it from abroad. As such, prices were affected when it came to pandemic and drought.”

Akgun stated that a ton of sunflower, which was around $400 abroad, increased to $700-725.

Emphasizing that input prices in sunflower oil production have also increased, Akgun said:

“Some products have an increase of 60-70%. We have an increase of 24% in our seed prices this year. Last year we had an increase of around 20%, this continues. 40-44% of sunflower is oil, the rest is pulp. The meal was reflected in feed prices. However, I believe that sunflower oil prices will decrease as the next season approaches. Sunflower exists in the world and countries want to benefit from it. There is only one thing we can do about it. We need to support our farmers. If we support our farmers and increase production, I think the prices will be better when we are not dependent on foreign sources.”

Source: AA / Translated by Bazaar Times Team

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