Russia can update its record for sunflower oil exports

Refined Sunflower Oil

Oil & Fats

Russia

Market & Price Trends

Published Mar 12, 2024

Tridge summary

Russia is predicted to set a new record for sunflower oil exports in the 2023-24 agricultural year, with estimates ranging from 4.3 to 4.9 million tons, according to the EFKO and Rusagro Group of Companies. This increase is attributed to high raw material reserves and favorable weather conditions. However, exports and sunflower processing at the start of the year were lower than expected due to challenging weather conditions and a temporary ban on supplies to Iran. The country also faces challenges with insufficient port infrastructure and a lack of deep-water ports.

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

Russia may reach a new record for the export of Russian sunflower oil in the 2023-24 agricultural year (for oilseeds and their processed products, the calendar month changes every September - ROSNG). This was reported by a market participant interviewed by the OleoScope agency. The EFKO Group of Companies (GC) expects supplies of 4.3 million tons. The prerequisites there were high reserves of raw materials and favorable weather conditions. The holding also noted that at the beginning of the agricultural year, exports and sunflower processing itself were lower than expected due to difficult weather conditions and a temporary ban on product supplies to Iran. Similar figures of 4.7-4.9 million were cited by Rusagro Group of Companies. The main problems there were identified as the insufficient development of port infrastructure and the lack of deep-water ports. Because of this, export volumes are less than expected. They also said that Ukraine and Russia are exchanging oil markets. ...

Source: Rosng