Reduced Export Duty Improves the Price of Russian Crude Sunflower Oil

The farmgate price of crude sunflower oil in Russia dropped by -9.21% YoY yet slightly increased by +4% WoW in W6 January 2022. The price stood at USD 1.16 per kg in W6 January, which was USD 1.28 per kg in the same period a year ago. The low supply of Russian sunflower oil in the first half of 2021 forced the Russian government to increase export duty by 30 percent led the export volume to decrease by -24% YoY from January to November 2021. It is estimated the production of Russian sunflower oil in MY 2021/2022 increased made the government reduce the export duty to gain more earnings in 2022. As a result, the price of sunflower oil in W6 January has surged by +4% WoW.