Russia to export 5.2 million tons of sunflower oil by the end of the 2023/24 season

Published Aug 20, 2024

Tridge summary

Russia's sunflower oil exports for the 2023/24 season are projected to increase by 27% from the previous season, reaching approximately 5.2 million tons. This would maintain Russia's position as the world's second-largest supplier, according to Mikhail Maltsev, Executive Director of the Oil and Fat Union. Factors such as logistical issues, settlement problems with key buyers, and the volume of the future oilseed harvest could potentially make Russia the leader in the global sunflower oil market. The price situation in the vegetable oil market has seen some improvement after the grain deal, with the price spread between sunflower, soybean, and palm oil recovering. The extension of the export duty on sunflower oil from Russia until 2026 has also been announced.

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

Original content

This is 27% more than last season Sunflower oil exports from Russia for the 2023/24 season (ending on August 31) are forecast to be around 5.2 million tons (4.1 million tons in the 2022/23 season). Mikhail Maltsev, Executive Director of the Oil and Fat Union, told pole.rf magazine about this. As the expert noted, based on the results of the outgoing season, our country will retain second place in sunflower oil supplies to the world market. “If logistics problems and settlement issues with key buyer countries are successfully resolved, and the volume of the future oilseed harvest meets forecasts, then Russia has a chance to become the first in the world sunflower oil market,” Maltsev said. Speaking about the price situation on the vegetable oil market, he noted that after the grain deal was closed, the fair spread between sunflower, soybean and palm oil began to recover. “The price situation in the outgoing season was in a horizontal trend, being at levels from 800 to 950 dollars ...

Source: Specagro