Sunflower prices in Russia fell to the lowest level since autumn 2020 and amounted to 29.6 thousand rubles per ton at the end of last week. This is stated by the agricultural forecast company “Sovecon”
As explained by Sovecon, the decline occurred against a strong ruble exchange rate, record carry-over stocks of crops by the end of the season, and the need for some farmers to free up storage capacity for raw materials before the new harvest.
The company’s analysts also noted that export prices for sunflower oil last week fell by $10 – to $1.81 thousand per ton on FOB terms.
”Last week, sunflower prices fell by 3,250 rubles to 29,675 rubles per ton (average prices in the European part of Russia, excluding VAT). This is the lowest level since autumn 2020.
Soon, while maintaining the dollar ratio to the ruble at current levels or below, the oil market will continue to decline. Sunflower prices are also likely to remain under pressure. However, the current quotes are very low relative to oil prices, which soon may support the market,” says Sovecon.