Mumbai, 22 Nov (Commoditiescontrol):In a recent estimate by Statistics Canada, the country's sunflower seed production for the 2023-24 period is set to decrease to 78 Kt, primarily due to a reduction in harvested area and yields. This decline comes in stark contrast to the 2022-23 figures. However, the overall supply is expected to witness an upsurge, reaching 263 Kt. This increase is attributed to a significant rise in carry-in stocks, which compensates for the reduced production.
Exports from Canada are predicted to surpass the previous year's numbers, with carry-out stocks also showing an upward trend. The United States continues to be the dominant market for Canadian sunflower seed exports. The average price for these seeds is projected to be around $600 per ton, a slight decrease compared to last year. This drop in price is mainly due to weaker demand for oilseed and confectionary types compared to the 2022-23 period.
US Production Faces a Decline, Influenced by Lower Yields in Key States
The United States Department of Agriculture (USDA) forecasts a significant 20% drop in the country's sunflower seed production for 2023-24, falling below 1.0 Mt. This decrease is largely a result of diminished production in North and South Dakota. Oil-type sunflower seed production is estimated at 0.87 Mt, while confectionery-type varieties see a slight increase to 0.12 Mt.
Despite these changes, the total US supply is expected to decrease by 14% to 1.3 Mt. Domestic use within the US is also predicted to decline. However, US sunflower seed carry-out stocks are anticipated to fall, with lower global vegetable oil prices exerting pressure on North American sunflower seed prices.
Global Sunflower Seed Supply and Market Dynamics
Globally, the USDA estimates the sunflower seed supply for 2023-24 at 64.1 Mt, marginally lower than last year's record. This slight decline is counterbalanced by increased production in Ukraine, Russia, and the European Union. The world's domestic use of sunflower seeds is projected to hit a new high at 56.8 Mt, while global exports are expected to decrease to 3.1 Mt. World carry-out stocks are forecasted to remain relatively stable, mirroring the previous year's figures at around 4.1 Mt.
(By Commoditiescontrol Bureau; +91-9820130172)
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