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Sunflower prices rose record-breaking in Russia

Sunflower prices rose record-breaking in Russia

Since August this year, prices for sunflower and sunflower oil in Russia have broken long-term records, rising by 35% and 22%, respectively. The price of such products per tonne on world markets for the first time rose to 30-34 thousand rubles and 71 thousand rubles. The main reason is the forecast for a poor sunflower harvest in the Black Sea region.

According to information "Merchant”, The absolute price record for this crop and oil was set by 25 September. Analysts associate such a sharp rise in prices with the weakening ruble and active trade in the world markets for vegetable oils. At the same time, experts fear that vegetable oil from Russia will become too expensive, and large importers will stop buying it.

According to the forecasts for the harvest, the harvest of sunflower this year may decrease by 23% - to 11,8 million tons. The reason for the poor harvest is the unsuitable weather in the main sunflower growing regions. If the weather is good during the harvesting of the fields, the Ministry of Agriculture predicts that about 13 million tons of sunflower can be harvested in Russia. In 2019, 15,4 million tons of this crop were harvested.

Last year, about 50% of the oil produced in Russia was exported. However, if prices do not begin to decline, then large investors will reorient to other suppliers - for example, soybean oil producers from India.

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