World: Sunflower oil prices rise following palm oil prices

Published 2024년 11월 21일

Tridge summary

Global demand for vegetable oils is outstripping supply, causing prices to rise significantly. Russian sunflower oil exports from Novorossiysk have increased by 11% in a month and over 40% in a year, leading to a 25% increase in domestic prices since September. This is due to factors such as biofuel mandates in the US and Indonesia, a decrease in palm oil exports from Indonesia, and drought in Russia's sunflower-producing regions. As a result, the price of sunflower seeds in Russia has also increased. To dampen the price growth, Russia has introduced export duties on sunflower oil, which were previously zero.

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Original content

High global demand and reduced supply of vegetable oils have led to higher prices. The export price of Russian sunflower oil delivered from Novorossiysk has increased by 11% in a month and by more than 40% in a year. This has an impact on domestic prices, which have increased by 25% since September. However, the dynamics may be further restrained by growing export duties. The FOB Novorossiysk sunflower oil export index at the beginning of November was $1,090 per ton, up 11% from the beginning of October and 43.2% year-on-year, according to the Price Index Center (PIC). The over-the-counter export index of the National Commodity Exchange reached $982.4 per ton on November 8, up 4.6% in a month. According to SovEcon, last week the cost of sunflower oil based on FOB Novorossiysk was $1,100, up 1.9% from the previous week. Dmitry Rylko, CEO of the Institute for Agricultural Market Studies (IKAR), explains that export prices for sunflower oil are growing along with the world market. ...

Source: Agrovesti