Review of prices for vegetable oils in Russia for 2020-2021

Published 2021년 11월 29일

Tridge summary

Between 2020 and 2021, Russia has seen a shift in vegetable oil prices, with palm, rapeseed, and soybean oils becoming more expensive while sunflower oil prices have dropped. This trend is attributed to both internal factors and external market influences. The decrease in sunflower oil prices is due in part to a increase in production and the protective duty on its export. In contrast, palm oil prices have risen due to a global labor shortage, particularly in Malaysia, and are expected to remain high until March 2022. Additionally, prices for rapeseed oil have increased due to concerns about the winter rapeseed crop in Europe and growing demand from China and Norway.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Not the cheapest anymore: palm oil is growing in price Between 2020 and 2021 prices for some vegetable oils in Russia have increased significantly. First of all - for palm, rapeseed and soybean oils, the cost of sunflower oil was decreasing. These trends were driven by both internal factors and external markets. Sunflower and sunflower oil Sunflower prices continue to decline after the spring peaks. The sunflower harvest this year could be a record one. According to the Ministry of Agriculture of the Russian Federation, as of November 26, 21, 15.4 million tons were harvested. In 2020, only 13.3 million tons were harvested. The increase in production is facilitated by an increase in acreage. Taking into account the protective duty on the export of sunflower, processors can receive in addition to last year from 2 million tons of raw materials. The average price of sunflower oil in the center of the Russian Federation began to fall since July 2021, reaching a minimum value of $ 1,156 ...

Source: Oilworld