Earlier this week, our Head of Agricultural Desk, Valerio De Sossi, participated in the 10th edition of the Black Sea Oil Trade Conference in Bucharest by Ukragroconsult, where key industry players from the Black Sea, Danube regions, Eastern Europe, and the Balkans gathered to discuss the future of oilseeds and vegoils supply chains.

The conference addressed several pressing issues, including the impact of the EU’s Green Deal and Deforestation Law on future production and imports of soybeans, as well as the trend in the Black Sea region towards exporting processed products instead of raw materials. Discussions also covered challenges in trade regulation and how to avoid trade wars, the rise of Danube ports as a new Sunseed Hub for Europe, and shifting consumption and import patterns in the global vegetable oil market. Moreover, exclusive forecasts were provided for the 2024/25 season touching on the macroeconomic and geopolitical outlook.

This year’s conference took place against the backdrop of disappointing crop yields in key production countries such as Russia, Ukraine, Romania, Serbia, Moldova and Bulgaria, noting how these underperforming harvests have led to production losses of up to 50% in some regions, driving prices up by more than $100 per ton. This price spike, combined with growing demand, particularly from large-scale purchasers like India and China, is contributing to a looming supply deficit in the global edible oil market.

Looking ahead, the conference emphasized the need for the industry to adapt to these evolving challenges and seek for new opportunities. The rise of sustainability measures, trade regulations, and geopolitical factors will undoubtedly shape the future of the oilseed and vegoil industry especially in the Black Sea region.

At the same time, the conference was the right place to meet existing customers strengthening our relationships as well as connect with new industry players expanding our network and exploring new business opportunities.