Kazakhstan: Sunflower oil prices may rise by 7-9% in 2024

Published 2024년 1월 23일

Tridge summary

Kazakhstan's 2024 sowing campaign is predicted to be impacted by climate change, seed material shortage, and price decrease, according to Yadykar Ibragimov, Chairman of the National Association of Oilseed Processors of Kazakhstan. He recommends a shift to more profitable and drought-resistant crops like sunflower seeds, soybeans, or rapeseed. Meanwhile, Russia's oil and fat industry could grow through deep processing, leveraging its geographical location to process both domestic and Russian oilseeds, thereby increasing capacity utilization and reducing costs. However, Kazakhstan has surpassed Russia in the Tajik vegetable oil market, indicating a need for Russia to improve its railway infrastructure to access the Chinese market.

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Original content

Chairman of the National Association of Oilseed Processors of Kazakhstan Yadykar Ibragimov told Caravan about the situation in agriculture and forecasts for 2024. - Yadykar Musadzhanovich, last year turned out to be difficult for agricultural producers. What do you predict 2024 will be like? Now we see how the climate is changing all over the world, and it is quite difficult to predict what the weather will be like during the season. According to the UN, global warming is accelerating every year. As I understand it, Kazhydromet can make weather forecasts for a maximum of a month, but now it’s only January. But in addition to climate factors, there are factors that will definitely affect the 2024 sowing campaign - this is a shortage of seed material, that is, grain seeds, in particular wheat, which domestic farmers will definitely face. Also, the sowing season will be affected by a decrease in prices, that is, the sale of wheat and corn below cost, which will lead to a budget ...

Source: Oilworld