Russia: In the first two months of 2024, sunflower oil exports increased by almost 30%

In the first two months of 2024, sunflower oil exports from Russia increased by almost 30% compared to the same period last year and exceeded 850 thousand tons, executive director of the Oil and Fat Union Mikhail Maltsev told Agroinvestor. According to his forecasts, oil production will remain high until the end of the season, and the monthly volume of supplies to the world market will be around 500 thousand tons. World prices for sunflower oil are at low levels. Sales from Ukraine are proceeding at record rates and with significant discounts, which puts pressure on prices in the Black Sea basin. The average export price for February was about $780 per ton, although in January it was slightly above $800 per ton. The duty on the export of sunflower oil from Russia in March, as in the nine previous months, will remain at zero, according to the materials of the Ministry of Agriculture. The duty on sunflower meal will decrease from 4321.3 rubles. in February up to RUB 4,227. per ton. ...