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Volga Baikal AGRO NEWS Update on the Oilseed Market in Russia !!!
Volga Baikal AGRO updates on the oil crop production and harvest in the Russian Federation as well as sunflower and oilseed prices development.
Sunflower threshed from area of 7.1 million hectares or 84.2% of the sown area
According to the operational data of the management bodies of the agro-industrial complex of the constituent entities of the Russian Federation, as of October 19, 2020, grain and leguminous crops were threshed from an area of 45.2 million hectares or 94.1% of the sown area, 130.6 million tons of grain were threshed with a yield of 28.9 centners / ha.
Sunflower was threshed from an area of 7.1 million hectares, or 84.2% of the sown area, 11.4 million tons were threshed with a yield of 16 c / ha.
Rapeseeds were threshed from an area of 1.4 million hectares or 92.7% of the sown area, 2.6 million tons were threshed with a yield of 19.1 c / ha.
Soybeans were threshed from an area of 1.8 million hectares, or 65.3% of the sown area, 3.3 million tons were threshed with a yield of 18 c / ha.
Sunflower oil prices in Russia set a new record
Prices for crude sunflower oil in the Russian Federation rose sharply last week.
As reported by SovEkon, average quotations have strengthened by 6.6% – to a new record level of 74,175 rubles per tonne (EXW European part of Russia, VAT included). Sunflower has also risen in price.
As experts explain, the main reason for the rise in prices is a new jump in export prices for it.
Export quotations for sunflower oil from the Russian Federation also grew rapidly. Over the week they rose in price by $ 35 and reached $ 960 per tonne (FOB), against the background of active growth in prices for the products of the world oilseed complex in the first half of the week.
“Some processors tried to reduce purchase prices for sunflower, speaking of large stocks and sufficient supply. However, in the second half of the week, many of them began to actively raise prices, which eventually increased by 2,000-4,000 rubles per tonne over the week,” – in the message.
The sunflower market reversed sharply after a short drawdown in the previous weeks. Average sunflower prices rose by 1,375 rubles to 30,875 rubles per tonne (excluding VAT).
Experts from SovEkon expect “the upward trend in the sunflower market to continue against the backdrop of record oil prices and revival of purchases from oil factories.” The restraining factor is the strengthening of the ruble, as well as the decline in world prices for palm and soybean oil in recent days.
The prospects for the Russian sunflower crop have also somewhat improved – in early October, SovEkon raised the forecast for harvest by 0.4 million tons, to 12.2 million tons. In 2019, the sunflower harvest amounted to 15.4 million tons.
