Rumors of a Possible Restriction on Exports From Russia Pushed Prices Higher

oilseeds sunflower seeds kernels rapeseeds
Spread the news!

Over the past month on the Euronext exchange, quotes for wheat and corn fell by 15%, and on rapeseed – by more than 30% against the background of an active sale by futures traders. Recording profits from falling prices, traders at the end of the week began to buy off previously sold contracts, which led to a slight increase in quotations. However, Rumors of a Possible Restriction on Exports From the Russian Federation of certain crops led to a speculative jump in prices by 4.8-5.9%.

The Agency “Vedomosti” reported that at a meeting in the Ministry of Agriculture discussed the possibility of temporary suspension of exports of sunflower oil and wheat due to a sharp decline in export prices over the past 1.5 weeks by 10-15%, in particular for sunflower oil – from 1100 to 800 $/t, and for sunflower – from 600 to 395 $/t

Against this background on the Euronext exchange on Friday, quotes rose:

  • May rapeseed futures – by 4.8% to 457 €/t or 492 $/t
  • May corn futures – by 4.5% to 253,75 €/t or 273 $/t (-3% per week)
  • May wheat futures – by 5.8% to 259,25 €/t or 279 $/t (-2.4% per week)

Russia is a major world exporter of wheat, whose production in 2022/23 my exceeded 100 million tons, and exports are projected at 46 million tons, of which 32.3 million tons have already been shipped. Sunflower oil exports are estimated at 4.3 million tons, of which more than 1.5 million tons have already been shipped.

Russia can also extend the ban on fertilizer exports until November to support the domestic market, – said Minister of Agriculture D. Patrushev.

It is expected that after a long decline in prices to multi-year lows, importers will intensify purchases this week.


Import/Export Statistics

Please click to reach our marketplace