Since the beginning of 2024, sunflower oil exports from the Russian Federation have increased by almost 30%

Published 2024년 3월 4일

Tridge summary

Russia's sunflower oil exports have seen a significant increase of nearly 30% in the first two months of 2024, surpassing 850,000 tons. The monthly supply to the global market is projected to stay around 500,000 tons. Despite the anticipated reduction in sunflower processing in some countries, the oil is currently undervalued, which could potentially boost demand and lead to a partial sale of the accumulated inventory. The export duty on sunflower oil will continue to be zero, while the duty on sunflower meal will be reduced. Russia holds the position of the second largest global trader in sunflower oil and meal, as well as rapeseed oil.

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

Original content

The production of these products in Russia is proceeding at a record pace, experts say In the first two months of 2024, exports of sunflower oil from Russia increased by almost 30% compared to the level of the same period last year and exceeded 850 thousand tons, executive director of the Oil and Fat Union Mikhail Maltsev told Agroinvestor. According to his forecasts, oil production in the Russian Federation will remain high until the end of the season, the monthly volume of supplies to the world market will be around 500 thousand tons. The duty on the export of sunflower oil from Russia in March, as in the nine previous months, will remain at zero, according to the materials of the Ministry of Agriculture. The duty on sunflower meal will decrease from 4,321.3 rubles/t in February to 4,227 rubles/t. Indicative prices, on the basis of which duties are determined, are $776/t for oil ($794.3/t in the previous month), $237.9/t for meal ($249.7/t). According to OilWord forecasts, in ...

Source: Specagro