Russia has imposed a duty on sunflower oil increased the duty on sunflower
the Introduction of Russia's export duty on sunflower oil and to increase the duties on sunflower will increase the volume of Russian sunflower oil at the end of the season, which will increase the pressure on the black sea oil. Farmers and processors have to step up sales before the introduction of duties on sunflower oil, which increases the supply in the market.
From 1 July 2021-August 31, 2022, inclusive, the rate of duty in the export of sunflower seeds will be 50%, but not less than 320 $/t Also before August 31, 2022 lasts 30% duty on exports of rapeseed.
Recall that from 9 January to 30 June 2021г. Russia export duty on sunflower and rapeseed increased to 30%, but not less than 165 €/t Before tax for the export of sunflower was 6.5%, but not less than 9,75 €/t, and rape of 6.5%, but not less than 11,4 €/t
this season, Russia exported 541 thousand tons of sunflower (by 28.2% over last year's rate), 446 thousand tons of rapeseed and 1,538 million tons of soybeans.
For sunflower oil from 1 September 2021г. 31 August 2022. to operate a floating export duty 70%, which will tax the difference between the base price of 1000 $/t and indicative price (the arithmetic average of the market prices for the month), reduced by the amount of the correction coefficient 50 $/t. the Indicative price will determine the MSG through constant monitoring of the market.
These fees will apply for products that will be exported from Russia outside the Eurasian economic Union.
In the period of September 1 – March 7, Russia reduced compared to the same period last season the export of vegetable oils by 10% to 2,257 million tonnes, including sunflower – by 14.5% to 1,526 million tons, soy – 9% to 306 million tonnes, while increasing exports of rapeseed oil 5% to 425 thousand tons.
as a Result of lack of demand from buyers bid prices of Russian sunflower oil fell to its lowest February level 1475-1500 $/t FOB. Prices for Ukrainian sunflower oil at $20/ton higher, but demand is reduced due to the high difference in the price of soy and palm oil.
