The Ministry of Agriculture of the Russian Federation may advise farmers to temporarily suspend the export of sunflower, sunflower and wheat oil, said Oksana Lut, deputy head of the department. The recommendation was caused by a sharp drop in prices on world markets, according to Vedomosti.
According to the publication, the ministry intends to hold a meeting with industry representatives by March 26, during which it will recommend stopping the sourcing of these products overseas. At an internal meeting of the Ministry of Agriculture, the rate of price decline was announced. So, over the past week and a half, the cost of sunflower oil has fallen from $1100 to $800 per ton, and the price of sunflower – from $600 to $395 per ton. In early March, the price of Russian wheat fell below $300 per ton.
Experts cite different factors driving prices down – the US banking crisis, the extended grain deal and even high grain and oilseed yields around the world.
Earlier it was reported that Asian importers of Russian oil and products had clearly overdone it, buying too many raw materials in the hope of sending them in transit to Europe after the re-registration. However, Brussels has declared 2023 the year of the fight against the circumvention of the restrictions already imposed. Therefore, despite the internal deficit, problems and crisis, the West tries not to take oil products from Asia.
