Turkish Offers for Russian Flaxseed Are Coming in as Export Duty Ends in September

Russia introduced a 20% duty on the export of flaxseed on 1 May 2022 that is expected to be lifted from 1 September 2022. This tax made flaxseed exports a non-profitable endeavor during this period. Producers and exporters expect that the Russian Ministry of Agriculture will not extend the tax, which will bring export interest back to Russian flaxseed starting from September. The market has experienced a decline in prices with the introduction of the new crop. In Turkey offers are coming in at USD 760/MT CFR Mersin. However, the Chinese market, one of the biggest buyers of flaxseed, has not made its demand known to the market. High demand from China and other big importing countries are likely to put upward pressure on prices.