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Russia: In the first two months of 2024, sunflower oil exports increased by almost 30%

Refined Sunflower Oil
Published Mar 3, 2024

Tridge summary

Russia has seen a nearly 30% increase in sunflower oil exports in the first two months of 2024, surpassing 850 thousand tons. Despite this increase, global sunflower oil prices remain low due to record sales from Ukraine and significant discounts. The export duty on sunflower oil from Russia has been held at zero for ten consecutive months. The primary destinations for these exports are India, China, and Egypt.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In the first two months of 2024, sunflower oil exports from Russia increased by almost 30% compared to 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 will remain high until the end of the season, and the monthly volume of supplies to the world market will be around 500 thousand tons. World prices for sunflower oil are at low levels. Sales from Ukraine are proceeding at record rates and with significant discounts, which puts pressure on prices in the Black Sea basin. The average export price for February was about $780 per ton, although in January it was slightly above $800 per ton. 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 4321.3 rubles. in February up to RUB 4,227. per ton. ...
Source: AgroInvestor
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