The Times Hub (02/11/2020) - Prices on the Russian oilseed market continue to grow steadily, according to the report of SovEkon.

Average prices for sunflower oil last week set a new record, rising by 1,150 rubles to 76,325 rubles per tonne (including VAT). Sunflower also rose to new highs, prices for which increased by 275 rubles, to 31,825 rubles per tonne (excluding VAT).

Export prices for Russian sunflower oil rose $ 15 to $ 985 per tonne (FOB), supported by higher prices for soybean and palm oil in the first half of the week. The market is approaching the level of $ 1,000 per ton. “Even if this level is overcome, the quotes will probably not be able to gain a foothold on it. The collapse in oil prices is likely to pull the world quotes for vegetable oils along with it in the near future,” experts say.

In the short term, they continue to expect an increase in ruble prices for sunflower on the back of high oil prices and a further revival of competition for raw materials between creameries.

As reported, the Ministry of Agriculture this year predicts a decline in sunflower harvest to 13 million tons from a record 15.4 million tons last year. The Russian Grain Union estimates the harvest at 12-13 million tons. Experts from SovEkon are more pessimistic, their forecast is 11.8 million tons

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