Canned Tuna: Sunflower and Soybean Oil Prices Are Rising
MEKSEA.COM – Canned tuna processors are facing higher production costs due to sharp increases in sunflower and soybean oil prices. This is a concerning trend, especially since olive oil remains expensive to produce.
The FAO Vegetable Oil Price Index, published last week, averaged 142.4 points in September, marking a 4.6% increase from August. This index tracks the average trading values of 10 key oils.
According to the FAO, the continued rise in this index is driven by higher prices of palm oil, soybean oil, sunflower oil, and rapeseed oil. The increase in soybean oil prices is mainly attributed to lower-than-expected processing activity in the U.S., a major global producer. Meanwhile, sunflower oil prices are rising due to tighter supply prospects.
The EU released the latest updates through VASEP NEWS regarding sunflower and soybean oil, essential for canned tuna production, with a worrisome trend in prices. On October 1st, sunflower oil from Ukraine was traded at 980 EUR/ton, representing a 20% increase per ton compared to July, when the price was 818 EUR/ton.
Soybean oil prices in the U.S. have risen slightly over the past two to three months. At the beginning of October, it was traded at 1,021 USD/ton, though still far below the 1,300 USD/ton recorded just a year ago.
Spain recently announced that it expects a significant increase in olive oil production in the upcoming harvest, which could help stabilize prices. However, both extra virgin and virgin olive oil remain costly.
Therefore, if you are looking for canned tuna for your sales plan in 2024 or QI 2025, please connect Meksea Team right now. We use available materials to ensure your orders are on time and reasonably priced.
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Kindly please visit Meksea website to explore our tuna products:https://mekseaconnection.com/product-category/tuna/
Meksea always pays particular attention to product quality to secure each consumer’s family member’s health and set their mind at rest by bringing in true quality seafood products.
Are you looking for shrimp products for your sales plan for 2024? Contact Meksea right now for the best offers.
By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
(Reference: VASEP)
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