News company - Sunflower - Fork Cast

In 2024, the export of sunflower oil from the Krasnodar region increased by 37%. More than 1.8 million tons of oil were shipped to 21 countries, including India, Turkey, and Egypt.

The volume of supplies to Iran in 2023 accounted for 12% of the total export.

In 2024, rapeseed harvest in Russia reached a record level of 4,660.2 thousand tons, showing a growth of 10.9% due to an increase in sowing areas. However, the yield decreased by 13.9%.

Krasnoyarsk Krai leads in rapeseed collection, followed by Altai Krai.

Prices for palm oil have dropped due to low exports from Malaysia and competition with soybean oil. Exports to India have decreased, which has led to a decline in demand. However, prices are still higher than those for soybean oil. Some traders are taking profits ahead of the holidays.

At the "Pig Farming-2024" conference, the general director of the Institute for Agricultural Market Conjunction discussed plans to increase processing of oilseeds that require additional planting areas. The crop yields are differently evaluated: sunflower will decrease, while rapeseed and soybean will reach record levels. Prices for meal are decreasing, raising questions about the quality of soybean. Russian producers of rapeseed meal will face changes in market channels due to the export ban to the EU.

By the end of October 2024, Russia has increased its export of sunflower oil to India to 1.8 million tons, which is twice as much as the previous year. India has become the main importer, acquiring 43% of the total volume, followed by Turkey at 15% and China at 13%.

In the current season, India plans to import 3.4 million tons of sunflower oil, while Russia is strengthening its position in the market.

The National Commodity Exchange has launched a test calculation of new exchange indices for sunflower seeds, rapeseed, and margarine. The indices display prices per 1 ton of the product. The calculations are based on NTB auction prices including VAT. Market interest in the new indices is planned to be evaluated.

Production of soybeans in the EU has decreased due to poor weather conditions. The European Commission has reduced the forecast to 2.8 million tons, which is 10,000 tons less than the previous year. In Romania, the harvest has decreased by 44%, reaching 171,000 tons. Hungary has increased production by 50%, but yields remain below average. Italian companies have reduced soybean imports by 5%. Sunflower crop in the Balkans is also expected to be low due to bad weather.

In Kazakhstan, the harvesting of oilseeds, including sunflower, has been successfully completed. The gross yield has increased by 46% compared to the previous year, however, the prices for seeds are rising due to their shortage. This leads to a decrease in the profitability of oil plants, but will allow farmers to increase revenue in the next season.

The Russian government has established a tariff quota for the export of sunflower seeds from the Zabaikalsky Krai: 9300 tons until August 31, 2025. The regulation comes into effect in 7 days.

In the Krasnoyarsk region, three rapeseed processing plants are planned to be built by 2029. The total project capacity will be 450,000 tons. There will be no changes in the sown areas. By 2024, a plant with a capacity of 72,000 tons was launched, and plants will also be launched in Achinsk and Uyar districts.

The export duty rate on sunflower oil from the Russian Federation will increase to 9,195.8 rubles per ton in December, which is three times higher than in November. The duty rate on sunflower meal will also rise to 3,788.4 rubles. The decision to extend the duties until 2026 was made by the Ministry of Agriculture of the Russian Federation in August 2024.

In China, in the 2024/25 season, the soybean harvest will decrease by 3% to 1.12 million tons due to a decrease in sown areas, but the yield will increase by 2%. The demand for soybean seeds will fall by 5% to 580 thousand tons.

A growth in the production of rapeseed is forecasted: spring rapeseed by 10% and winter rapeseed by 9%.