Source: Oleoscope (Russia)
In March 2025, the export duty for sunflower oil from Russia will drop significantly by 1.9 times to 9,333.2 rubles per ton, down from 17,786.4 rubles in February. For sunflower meal, the duty will decrease to 1,742.3 rubles per ton, a reduction from 3,888.7 rubles the previous month. These updated rates were released by Russia’s Ministry of Agriculture.
The indicative prices for the commodities were as follows:
- Sunflower oil: $1065.1, compared to $1068.5 a month prior.
- Sunflower meal: $204.1, down from $212.2 in the previous month.
It’s important to note that the calculation for these duties is based on 70% of the difference between the indicative and base prices, which reflect the average market prices for the month. The base price for calculating the duty on oil remains at 82,500 rubles per ton, while that for meal stands at 15,875 rubles per ton.
The floating duty on sunflower oil was first implemented on September 1, 2021, and its validity has been extended multiple times, most recently until August 31, 2026.
The anticipated production of sunflower oil in Russia for the current agricultural season, spanning from September 2024 to August 2025, is projected to reach 7.4 million tons according to the consensus forecast from the Center for Price Indices. This figure reflects an increase of 8.8% compared to expectations from November. Accordingly, the export forecast has been adjusted upwards: for the ongoing season, the export is estimated to reach 4.9 million tons, which is an increase of 8.9%, and for the following season, it is projected at 5.1 million tons, a rise of 6.3%.