USDA raises forecast for sunflower oil exports from Russia

The United States Department of Agriculture (USDA) has published its forecasts and data on agricultural indicators not only within the country, but also abroad, including the Russian Federation. According to the latest data, the USDA has increased its forecast for sunflower oil exports to Russia for the 2023-2024 agricultural year from 4.275 million to 4.3 million tons. This figure is also higher by 250 thousand tons compared to the last agricultural year 2022-2023. The increase in export volumes is associated with the successful implementation of projects aimed at expanding production capacity for processing oilseeds in Russia in recent years. According to USDA estimates, the Russian Federation will retain its second place in the world in sunflower oil exports, surpassing only Ukraine, which is projected to export at 5.7 million tons (according to the results of the 2022-2023 agricultural year it was 5.683 million tons). Also, the forecast for meal exports from Russia has been increased to 2.65 million tons. Previously, 2.55 million tons were expected, the same amount was sold in the last agricultural year. This processed product is also one of the most popular Russian goods in foreign markets.

The USDA also published its estimates for the production and export of the primary crop, sunflower, as well as the production of sunflower oil. According to the latest data for the beginning of the agricultural year, according to USDA estimates, sunflower oil production in Russia is projected at 6.815 million tons. This is more than the previously estimated value of 6.774 million tons and the figure for the last agricultural year, which amounted to 6.484 million tons. The meal production estimate was also increased to 6.78 million tons, which is 39 thousand tons more than the estimate provided last month and 327 thousand tons more than the result of the last agricultural year. However, the estimate for raw sunflower production was reduced from 17.5 million to 17.1 million tons, which is 846 thousand tons more than the figure for the 2022-2023 agricultural year. The export forecast was also reduced to 450 thousand tons, while last year it was 550 thousand tons, and in the 2022-2023 agricultural year - 260 thousand tons.

It is believed that agricultural years begin in different months in different countries, as opposed to the calendar year. For example, in Russia, the agricultural year begins at different times, determined by local government structures.