13.06.2023, 16:22
Russian sunflower oil has fallen in price on a record
Source: OREANDA-NEWS
OREANDA-NEWS Average prices for sunflower oil from Russia on the world market fell by 18 percent, to $ 710-740 per ton. This is a record low level since May 2020, with reference to the Sovecon review, Kommersant reports.
According to Daria Snitko, Vice President, head of the analytical department of Gazprombank, prices for this product are already close to the bottom: now a ton of palm oil costs an average of $ 19 more expensive than sunflower oil, which is considered to be of higher quality. In 2017-2020, the cost of oil was about 650-700 dollars per ton, and taking into account the objective growth of costs and inflation, current prices should be higher.
The quotes may be influenced by a good soybean harvest in Brazil, cheaper oil, as well as a successful sunflower harvest in Russia, said Andrey Sizov, director of Sovecon. From September 2022 to May 2023, 4.3 million tons of sunflower oil were produced in Russia compared to four million tons last year. At the same time, exports increased only from 2.5 to 2.6 million tons. The Ministry of Agriculture of Russia said that in early spring the cost of sunflower oil fell from 1100 to 800 dollars per ton, and sunflower prices — from 600 to 395 dollars per ton. Deputy Head of the department Oksana Lut said that farmers should temporarily suspend the export of sunflower oil, sunflower and wheat due to a sharp decline in prices on world markets.
In early June, wheat prices jumped by 3.29 percent during trading on the Chicago Stock Exchange, and corn — by 1.55 percent, to $ 6.06, dropping to six dollars (an increase of 1.51 percent). Prices rose against the background of the destruction of the Kakhovka hydroelectric power station (HPP), at some distance from which three Ukrainian ports involved in the grain deal are located.
According to Daria Snitko, Vice President, head of the analytical department of Gazprombank, prices for this product are already close to the bottom: now a ton of palm oil costs an average of $ 19 more expensive than sunflower oil, which is considered to be of higher quality. In 2017-2020, the cost of oil was about 650-700 dollars per ton, and taking into account the objective growth of costs and inflation, current prices should be higher.
The quotes may be influenced by a good soybean harvest in Brazil, cheaper oil, as well as a successful sunflower harvest in Russia, said Andrey Sizov, director of Sovecon. From September 2022 to May 2023, 4.3 million tons of sunflower oil were produced in Russia compared to four million tons last year. At the same time, exports increased only from 2.5 to 2.6 million tons. The Ministry of Agriculture of Russia said that in early spring the cost of sunflower oil fell from 1100 to 800 dollars per ton, and sunflower prices — from 600 to 395 dollars per ton. Deputy Head of the department Oksana Lut said that farmers should temporarily suspend the export of sunflower oil, sunflower and wheat due to a sharp decline in prices on world markets.
In early June, wheat prices jumped by 3.29 percent during trading on the Chicago Stock Exchange, and corn — by 1.55 percent, to $ 6.06, dropping to six dollars (an increase of 1.51 percent). Prices rose against the background of the destruction of the Kakhovka hydroelectric power station (HPP), at some distance from which three Ukrainian ports involved in the grain deal are located.
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