Russia to export 5.2 million tons of sunflower oil by the end of the 2023/24 season

Published 2024년 8월 20일

Tridge summary

Russia's sunflower oil exports are expected to see a significant increase, with an estimated 27% rise by the end of the 2023/24 season, reaching approximately 5.2 million tons. This places Russia in a strong position in the global market, especially with anticipated decreases in production from Ukraine's standpoint. However, logistical challenges and issues with key purchasers need to be addressed for Russia to secure the top spot in the global sunflower oil market. Additionally, the price dynamics in the vegetable oil market are showing signs of stabilization after the cessation of the grain deal, with the price spread between sunflower, soybean, and palm oils gradually improving.

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

Original content

Sunflower oil exports from Russia by the end of the 2023/24 season (ending on August 31) are projected to be 27% higher than in the 2022/23 season (4.1 million tons), around 5.2 million tons, shared his opinion with the executive director of the Oil and Fat Union Mikhail Maltsev in the pole.rf magazine. According to Maltsev, by the end of the outgoing season, our country will retain second place in sunflower oil supplies to the world market, losing to its key competitor, Ukraine, which has already exported about 5.8 million tons. “But next season, even the US Department of Agriculture predicts a decrease in sunflower oil production in Ukraine and growth in Russia. If logistics problems and issues of mutual settlements with key purchasing countries are successfully resolved, and the volume of the future oilseed harvest meets forecasts, then Russia has a chance to become the first in the world sunflower oil market. According to our expectations, the volume of sunflower oil exports ...

Source: Milknews