Sunflower oil export potential 4.5 million tons

Analysts from the Institute for Agricultural Market Studies (IKAR) predict that in the current season (started on September 1) Russia will be able to supply about 4.5 million tons of sunflower oil to foreign markets. In the 2022/23 season, sunflower oil exports reached a record 4.3 million tons, and soybean oil exports amounted to 730 thousand tons.

Supplies of sunflower and soybean meal abroad reached 2.3 million and 730 thousand tons, respectively. ICAR analysts predict new records in the 2023/24 season. They believe that supplies of about 4.4-4.5 million tons of sunflower oil, 2.5-2.6 million tons of sunflower meal, 800 thousand tons of soybean oil and 900 thousand tons of soybean meal are possible. ICAR estimates the potential for the export of rapeseed oil at 1 million tons, and the export of rapeseed meal at 700 thousand tons.

In the 2022/23 season, rapeseed exports increased to 1 million tons, despite the embargo imposed, which does not apply to supplies to the EAEU countries. The increase in rapeseed exports occurred due to supplies to Belarus. According to Icar forecasts, this year Russia will harvest a record harvest of oilseeds - 29.8-31.0 million tons, only the harvested rapeseed crop is expected to decrease to 4.2 million tons, and the flax harvest - to 1.2 million tons.

ICAR will hold a conference “Where is the margin” on February 15-16, 2024 in Moscow, which will be attended by representatives of the Russian Ministry of Agriculture, industry associations of agricultural producers, agricultural holdings, breeding and insurance organizations in the agricultural sector.