Sunflower prices in Russia have fallen to their lowest values since November 2022, according to experts of the SovEcon analytical center. According to their estimates, the cost of a ton of oilseed in the Russian Federation has now sunk to the level of 23,625 rubles ( 280 euros).
“In the short term, we expect a further decline in sunflower and sunflower oil prices,“ the experts write. – Nevertheless, the downside potential looks limited.
The fall in prices for seeds in the domestic market was preceded by sluggish demand for sunflower from processors, as well as a seasonal deterioration in storage conditions for oilseeds, SovEcon explains.
At the same time, the company notes that the decline in world quotations for sunflower oil seriously affected the trading activity in the market on the part of Russian oil refineries.
“By March 22, prices (delivery on FOB terms) fell by $ 110 compared to last month, to $ 930,” the report said.
Record harvest of sunflower, dumping by Ukraine
Prices for sunflower follow export prices for sunflower oil, which are declining for several reasons beyond the control of the fat-and-oil industry, says Mikhail Maltsev, executive director of the Fat-and-Oil Union of Russia. Since June 2022, world prices for sunflower oil have been constantly decreasing. The sunflower oil market was under even greater pressure due to a record harvest of sunflower, dumping by Ukraine, as well as a temporary decrease in purchases by Turkey against the background of the earthquake, Maltsev points out.
“The market is waiting for us to hit rock bottom. In fact, no contracts were signed for two weeks. At the end of last week, the fall stopped, the price stabilized at $ 850 per 1 ton on FOB terms, but sales are isolated, because sellers are not satisfied with this price, and buyers are in no hurry to raise it, “says the executive director of the Fat-and-Oil Union.
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