Russia will become the world's leading exporter of sunflower oil this season, according to IKAR

Published Feb 13, 2023

Tridge summary

Russia is set to become the world's leading exporter of sunflower oil this season, with a predicted record harvest of oilseeds. The country's oilseeds market is being influenced by three trends: growth in production, state regulation, and the commissioning of new processing capacities. Russia is also exporting more soybeans than it imports this season. However, there may be a shortage in processing oilseed residues, which could lead to increased carry-over stocks and market pressure.

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

Original content

This season, Russia will become the world's leading exporter of sunflower oil. Dmitry Rylko, CEO of the Agricultural Market Institute (IKAR), spoke about this at the XIV international conference "Where is the margin 2023". The pace of supplies to foreign markets of sunflower oil this year at our enterprises is close to a record. “Although they are not yet record-breaking, this season Russia will become the world’s leading exporter of sunflower oil for the first time in history,” the expert predicts. At the end of the 2022/23 season, a record harvest of oilseeds is expected in the world, and hence their record supply. “Accordingly, the decline in world oil prices continues - on FOB they slide down by $5-10 every week,” Rylko noted. The Russian oilseeds market will develop under the influence of three significant trends, the head of IKAR noted. The first is the growth of production, the second is state regulation, which prevents free trade in oilseeds on the world market, the third ...

Source: AgroInvestor