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Business Standard
4 days ago
- Business
- Business Standard
Russia suspends sunflower oil duty till end of August to boost exports
Russia, one of the world's top producers and exporters of sunflower oil, on Friday suspended floating duty rates on sunflower oil and sunflower meal until August 31 to boost exports and help local producers. The export duty was introduced in 2021 in order to protect the domestic market from price spikes and was set at 4,739 roubles ($59.61) per ton of sunflower oil in July. "At present, the domestic market is fully supplied with sunflower oil. Therefore, the suspension will not affect the availability of sunflower oil for Russians," the government said in a statement. According to the US Department of Agriculture, Russia and Ukraine produce over half of the world’s sunflower seeds and are responsible for nearly three-quarters of total sunflower oil and meal exports. IKAR consultancy head Dmitry Rylko estimated that Russia exported 4.7 million tons of sunflower oil in the 2024/25 season, which will end on August 31, compared with a record 5.3 million tons in the previous season. "We expect some revival in exports," Rylko told Reuters. He estimated that Russia will export 350,000 tons in August. IKAR forecasts this year's sunflower seed harvest at no less than a record 18 million tons. Russian lobby group Oil and Fat Union estimates that Russia is the world's leading producer of sunflower oil and the second largest exporter after Ukraine. Russia exports sunflower oil to India, Turkey, Iran, China and Egypt. It exports sunflower meal, used in animal feed, to Turkey, Belarus, China and the European Union. Russia's sunflower oil production became unprofitable in 2024 due to rising domestic prices for seeds. Several plants across Russia stopped operations as a result. Exports fell by 38 per cent in the first half of 2025, according to customs data, which does not take into account trade with sanctioned countries such as Iran. Head of the Oil and Fat Union Mikhail Maltsev said that the duty suspension for the remainder of the season will help exporters clear their stockpiles. "In the new season, we hope the market will stabilise and that procurement prices for sunflower seeds will once again make exports economically viable for processing plants," Maltsev said.
Yahoo
16-07-2025
- Business
- Yahoo
Wheat Slide Lower Continues
The wheat complex is trading with losses on Tuesday. Chicago SRW wheat is down 4 to 5 cents at midday. KC HRW futures are fractionally in the red at midday so far on Tuesday. MPLS spring wheat is trading with 2 to 3 cent losses across most contracts. The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 4 points to 345. Coffee Prices Surge on Dry Conditions in Brazil and Tariff Threats Coffee Prices Sharply Higher on Dry Weather in Brazil and Tariff Threats Grain Market Bears Seized the Moment Last Week. What That Means for Corn, Soybeans, and Wheat. Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Russian wheat production was estimated at 84 MMT by IKAR, a 0.5 MMT reduction from their prior number, with exports expected in 2025/26 at 42 MMT. Algeria purchased a large chunk of wheat this morning, with an estimated 1 MMT purchased. Sep 25 CBOT Wheat is at $5.36 3/4, down 4 3/4 cents, Dec 25 CBOT Wheat is at $5.57 3/4, down 4 1/2 cents, Sep 25 KCBT Wheat is at $5.22 1/4, down 3/4 cent, Dec 25 KCBT Wheat is at $5.44 3/4, down 3/4 cent, Sep 25 MGEX Wheat is at $6.01, down 2 3/4 cents, Dec 25 MGEX Wheat is at $6.21 1/2, down 2 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
16-07-2025
- Business
- Yahoo
Wheat Closes with Mixed Trade on Tuesday
The wheat complex was mixed across the three markets on Tuesday. Chicago SRW wheat was down 3 to 4 cents at the close. KC HRW futures saw fractionally higher trade into the closing bell. MPLS spring wheat saw 2 to 3 cent losses. The Monday afternoon Crop Progress report showed the US winter wheat crop at 63% harvested, 1% below the 5-year average pace. The Spring wheat crop was 78% headed, 3% ahead of normal, with conditions up 4% to 54% gd/ex, as the Brugler500 index was up 8 points to 345. The improvement was mainly in MN (+14), with MT (+8), ND (+6), and SD (+5) seeing better ratings. Coffee Prices Surge on Dry Conditions in Brazil and Tariff Threats Coffee Prices Sharply Higher on Dry Weather in Brazil and Tariff Threats Cocoa Prices Settle Higher as Ivory Coast Cocoa Exports Slow Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Russian wheat production was estimated at 84 MMT by IKAR, a 0.5 MMT reduction from their prior number, with exports expected in 2025/26 at 42 MMT. Algeria purchased a large chunk of wheat this morning, with an estimated 1 MMT purchased. Sep 25 CBOT Wheat closed at $5.38, down 3 1/2 cents, Dec 25 CBOT Wheat closed at $5.58 3/4, down 3 1/2 cents, Sep 25 KCBT Wheat closed at $5.23 3/4, up 3/4 cent, Dec 25 KCBT Wheat closed at $5.46, up 1/2 cent, Sep 25 MGEX Wheat closed at $6.01 1/4, down 2 1/2 cents, Dec 25 MGEX Wheat closed at $6.21 1/4, down 2 1/4 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Business Recorder
08-07-2025
- Business
- Business Recorder
Russian wheat export prices higher
MOSCOW: Russian wheat export prices rose towards the end of last week along with global prices, while shipments at the start of the season remain low. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in August was $225 per metric ton at the end of last week, up $3 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy. 'In my opinion, the price has risen, as it is still obvious that our harvest is not expected to be an outstanding one. In addition, exports from Europe and Ukraine have dried out, and this also had an impact,' he said. The SovEcon consultancy estimated new crop offers at $225-$228 per ton, at the same level as a week earlier. Wheat exports last week fell to 0.1 million tons from 0.19 million tons a week before, the agency said. Sovecon maintained its estimate of wheat exports in June at 1.2 million tons. IKAR has raised its estimate to 1.3 million tons from 1.2 million tons. IKAR's wheat export estimate for July is between 2.2 and 2.3 million tons. The export duty on wheat, which the Russian Ministry of Agriculture calculates weekly, fell to zero for the first time last week. It will be in effect during the second week of the new season from July 9 to July 15. On Friday, the agriculture ministry reported that the sowing campaign in Russia was almost complete
Yahoo
28-06-2025
- Business
- Yahoo
Wheat Popping Higher into Friday
The what market is trading with gains across the three markets on Friday morning. Wheat posted weakness across the three markets on Thursday, as the reversion lower is extending. Chicago SRW wheat was 7 to 8 cents lower at the close. KC HRW contracts were 5 to 6 cents in the red. MPLS spring wheat was down 2 to 5 cents. USDA's Export Sales report showed 255,208 MT of wheat sold in the week of June 19, falling short of analysts estimating 300,000 to 600,000 MT. That was down 40.26% from last week and 61.75% below the same week last year. The largest buyer was Japan at 93,600 MT, with 83,200 MT sold to Mexico. Coffee Prices Move Higher as the Dollar Falls Coffee Prices Rally as the Dollar Falls Cocoa Prices Jump as Ghana Cuts its Cocoa Production Forecast Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Russia's wheat crop is estimated to total 84.53 MMT this growing season, according to IKAR, which was up 0.7 MMT from the previous estimate. A South Korean mill purchased a total of 82,000 MT of US wheat in 2 tenders overnight. The European Commission estimates the EU wheat production for 2025/26 at 128.2 MMT, a 1.6 MMT increase from the estimate last month. Stocks were down 0.71 MMT to 8.34 MMT. World wheat production was raised 2 MMT by the International Grains Council to 808 MMT, with consumption up 1 MMT. Ending stocks for 2025/26 were up 2 MMT to 264 MMT. Jul 25 CBOT Wheat closed at $5.21, down 7 1/4 cents, currently up 4 1/2 cents Sep 25 CBOT Wheat closed at $5.36 3/4, down 7 3/4 cents, currently up 5 1/4 cents Jul 25 KCBT Wheat closed at $5.18 1/4, down 6 cents, currently up 4 1/4 cents Sep 25 KCBT Wheat closed at $5.33 3/4, down 5 1/2 cents, currently up 4 1/2 cents Jul 25 MGEX Wheat closed at $6.06 3/4, down 4 3/4 cents, currently up 2 3/4 cents Sep 25 MGEX Wheat closed at $6.25 1/2, down 2 1/2 cents, currently up 7 cents On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
