Turkey steps up sunseed imports but reduces purchases from Russia

04.04.2018

The world’s analysts estimate Turkey’s sunseed crop in the current 2017/18 season at 1.6 MMT. At the same time, the estimate made by Turkish market participants themselves is more conservative (1.45 MMT) but also record high for the country.

The sunseed market’s potential had to make Turkey less dependent on foreign raw material, the more so as the government has fully exploited its regulatory tools for supporting local growers. As it is known, the Turkish government widely uses a system of farmer subsidies to stimulate production of certain crop products.

Despite the bumper sunseed crop and contrary to expectations and analyst forecasts, the first five months of the 2017/18 season saw a significant rise in sunseed purchases from foreign markets. They are up 111.7% from the same time last year.

Taking into account statistics of past years, Turkey is quite likely to quicken sunseed imports still more in the latter half of the season once inventories of own production get exhausted, reports UkrAgroConsult.

This season, Turkey boosted imports from Moldova, Bulgaria, Romania, China, Ukraine, while deliveries of Russian sunseed to the Turkish market were down 32% on the year.

Russia, which accounts for just 12% this season against 39% in MY 2016/17.

Full version of the article is available to subscribers for weekly market report “Black Sea Vegoils” and “Online market review” by UkrAgroConsult.

 

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