Russia had a record harvest of rapeseed, and we discovered the Chinese market, which willingly accepted large volumes of rapeseed oil

Published Jun 21, 2023

Tridge summary

Russia is set to achieve a record vegetable oil export volume for the 2022/2023 marketing year, with an anticipated 37% increase from the previous season, reaching 6.2 million tons. This includes a significant rise in sunflower oil and rapeseed oil exports, whereas sunflower oil prices have seen a decrease due to overproduction and dumping by Ukraine. The main buyers of these exports are expected to be China, Turkey, and India. The current pricing trends are influenced by global factors such as a record soybean crop in Brazil, low oil prices, and an upcoming US EPA report on biofuels. However, concerns about drought in the US corn and soybean belt have recently caused prices to rise, highlighting the delicate balance in the global market for these commodities.

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

Original content

Yielding to Ukraine: Russia will export record volumes of vegetable oils this year The agricultural season is not over yet, but experts are already giving optimistic forecasts for vegetable oil exports: according to the most modest of them, the 2021/2022 marketing year indicator will be exceeded by almost 30%. Sunflower oil, which has noticeably fallen in price, may be exported less than planned, but rapeseed oil - much more than a season earlier. In this marketing year (from September 1, 2022 to August 31, 2023), according to forecasts of the Oil and Fat Union, which are at the disposal of Forbes , the export of vegetable oils from Russia may reach a record 6.2 million tons, which is 37% more than last season. Of these, about 4 million tons of sunflower oil will be exported (900,000 tons more than in the 2021/2022 season), soybean oil - almost 700,000 tons (562,000 tons more), rapeseed oil - more than 1.5 million tons (growth by 900,000 tons)...... “At the end of the season, we ...

Source: Oilworld