- Bullish: Rising Russian export duty and higher Ukrainian refined sunflower oil prices signal tightening Black Sea supply and strong export demand.
- Bullish: Zero export duty on Russian sunflower meal supports crush margins, encouraging continued processing and underpinning oil values.
- Bullish: Extension of Russia’s “sunflower damper” duty mechanism through August 2028 provides policy stability that can sustain firm pricing.
Russian Sunflower Oil & Meal Duty Update
Russia’s Ministry of Agriculture confirmed a 2.1% increase in the sunflower oil export duty for February 2026, raising the rate to 9,495 rubles per tonne from 9,298.6 rubles in January. The adjustment reflects an uptick in the indicative sunflower oil price to USD 1,233.3 per tonne, up from USD 1,200.2 per tonne a month earlier.
The export duty on sunflower meal remains at zero for the second consecutive month, with the indicative price edging down to USD 195.2 per tonne from USD 195.7 per tonne. This duty structure continues to favor domestic crushing margins by keeping meal exports duty-free while collecting revenue from higher-value oil exports.
Russia’s floating “sunflower damper” mechanism, which sets export duties at 70% of the difference between base prices (82,500 rubles per tonne for oil and 15,875 rubles per tonne for meal) and indicative market prices, has been extended through August 31, 2028. This provides exporters and crushers with greater medium-term policy visibility.
Ukrainian Refined Sunflower Oil Price Strength
In Ukraine, bulk refined sunflower oil prices have climbed sharply, with APK-Inform reporting levels at USD 1,420 per tonne FCA as of January 26. This represents a USD 30 per tonne month-on-month increase over the past four weeks.
The price gains are driven by firmer export market values and higher domestic raw material costs, underscoring robust international demand for Ukrainian refined product despite ongoing regional risks. Importers may accelerate coverage in anticipation of further upside.
Price & Duty Snapshot
| Item | Period / Basis | Value | Change vs. Previous Month |
|---|---|---|---|
| Russian sunflower oil export duty | February 2026 | 9,495 RUB/tonne | +196.4 RUB/tonne (from 9,298.6) |
| Indicative price, Russian sunflower oil | Government formula | USD 1,233.3/tonne | +USD 33.1/tonne (from 1,200.2) |
| Russian sunflower meal export duty | February 2026 | 0 RUB/tonne | Unchanged |
| Indicative price, Russian sunflower meal | Government formula | USD 195.2/tonne | -USD 0.5/tonne (from 195.7) |
| Ukrainian bulk refined sunflower oil | FCA, as of Jan 26 | USD 1,420/tonne | +USD 30/tonne month-on-month |
Market Impact & Outlook
The combined effect of higher Russian sunflower oil duties and rising Ukrainian refined oil prices points to tightening fundamentals across the Black Sea sunflower complex. While Russia’s modest duty hike is unlikely to significantly erode export competitiveness, it confirms stronger underlying price levels.
Zero duty on sunflower meal continues to incentivize crushing, supporting steady meal exports and maintaining throughput at Russian plants. In parallel, Ukraine’s firm FCA prices highlight vigorous export demand and possible supply constraints, which may encourage buyers to secure forward coverage. Overall, the setup remains bullish for sunflower oil values in the near term.
Source: Market Data
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