Russia: Introduction of export duty helped balance rapeseed prices in Siberia

Published 2024년 9월 30일

Tridge summary

The article highlights the positive impact of Russia's export duty on rapeseed oil and meal prices, making them more competitive for the Chinese market. According to Mikhail Maltsev, Executive Director of the Oil and Fat Union, this strategy has helped balance prices in Siberian regions, ensuring competitiveness in the Chinese market. The Union anticipates further growth in this segment, largely due to the abolition of the exchange rate export duty coming into effect from January 1, 2025. Russia's rapeseed harvest is expected to reach 5 million tons this year, while the soybean harvest is projected to be high, though not record-breaking. Overall, the situation for these agricultural commodities in the market is seen as stable and positive.

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Original content

Thanks to this, Russian rapeseed oil and meal will become more competitive for deliveries to China The export duty on rapeseed helped to balance prices for the crop in the Siberian regions. This opinion was voiced by Mikhail Maltsev, Executive Director of the Oil and Fat Union, during the industry conference “Agroinvestor: PRO plant growing”. “In general, the situation with the introduction of the export duty made it possible to balance prices in the Siberian regions in accordance with China’s export parity. And we are now in such a balance that our oil and meal are competitive for deliveries to China,” Maltsev said. He also added that the Oil and Fat Union predicts further growth in this segment, which will be facilitated by the abolition of the exchange rate export duty from January 1, 2025. According to the expert, the rapeseed harvest this year in Russia is projected to be at the level of 5 million tons (4.2 million ...

Source: Specagro