- Higher duty: Russia’s sunflower oil export duty rises to 9,495 rubles/ton in February, up 196.4 rubles from January on stronger indicative prices.
- Meal support: Sunflower meal exports keep a zero duty for the second month, maintaining Russia’s competitiveness in global protein feed markets.
- Firm prices: The indicative sunflower oil price increases to $1,233.3/ton, signaling stable-to-firm Black Sea vegetable oil market conditions.
Russia Raises Sunflower Oil Export Duty for February
The Russian Ministry of Agriculture will increase the export duty on sunflower oil to 9,495 rubles per ton in February, a rise of 196.4 rubles from January. The adjustment is based on a higher indicative price of $1,233.3 per ton for sunflower oil, up from $1,200.2 per ton used for January calculations.
In contrast, the export duty on sunflower meal will remain at zero in February, marking the second consecutive month without export charges. The indicative price for sunflower meal edged down slightly to $195.2 per ton from $195.7 per ton in January.
Duty and Indicative Price Overview
| Item | Month | Duty (rubles/ton) | Indicative Price ($/ton) | Change vs Previous Month |
|---|---|---|---|---|
| Sunflower Oil | January | 9,298.6 | 1,200.2 | Baseline |
| Sunflower Oil | February | 9,495.0 | 1,233.3 | +196.4 rubles duty; +33.1 $/ton price |
| Sunflower Meal | January | 0 | 195.7 | Baseline |
| Sunflower Meal | February | 0 | 195.2 | 0 duty; -0.5 $/ton price |
Market Impact and Trading Implications
The higher export duty on sunflower oil reflects firming global vegetable oil prices and may slightly erode Russia’s export competitiveness in February, depending on whether exporters absorb or pass through the additional cost into FOB values. The modest uptick in the indicative oil price points to a stable-to-firm tone in Black Sea sunflower oil.
At the same time, keeping sunflower meal at a zero duty continues to favor Russian origin in the international protein feed market. Traders should incorporate the higher oil duty into forward pricing and margin calculations while monitoring whether spreads between oil and meal widen as policy supports meal exports more than oil.
Source: Market Data
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