Turkey’s TMO buys 24k mt crude sunoil for Feb-Mar delivery

The Turkish Grain Board (TMO) has bought 24,000 mt of sunflower oil for arrival between February 20 and March 20 in a tender that closed Friday, pending final confirmation, market sources have told Agricensus.

All 24,000 mt of sunflower oil were booked from Turkey-based trading company AVES.

AVES sold 6,000 mt of crude sunflower oil for the port of Tekirdag at a price level of $1,218.80/mt CFR, up 7% from the previous price at the end of December.

The remaining 18,000 mt were purchased at $1,228.80/mt Mersin, Iskenderun EXW, just $10/mt below the price paid in the last tender.

Four companies took part in the tender, while the offer from AVES was the most competitive.

Since the beginning of the calendar year 2023, Turkey has booked almost 150,000 mt of sunflower oil for delivery in January-March, a record high for January, according to market sources based in Turkey.

Turkish sources suggest this is related to the zeroing of import duties for sunflower seeds and sunflower oil, which came into force on January 1, 2023.

So far in the 2022/23 season, Turkey has harvested a record sunflower seed crop, which according to market sources will exceed the level of the previous year by 25% and amount to 2 million mt.

Full details of TMO’s buying can be found on the Agricensus Tenders Dashboard.