Russian sunseed market responded to Turkey’s actions
The Turkish authorities have suspended the issuance of import licenses for wheat, corn, sunflower meal and vegoils. This actually means a ban on all agricultural imports from Russia – UkrAgroConsult has already reported this before. Only duty-paid sales of these commodities are possible now.
According to UkrAgroConsult, As sunoil and sunmeal are exported by crushers themselves, some of them stopped sunseed purchases after the cessation of licensing of Russian imports had been reported.
As a reminder, Turkey is a key export market for Russian sunseed products. So, out of a total 776.2 KMT of sunoil exported in September-January 2016/17, more than 37% (291 KMT) went to Turkey. Besides, Turkey absorbed more than 43% of Russian sunmeal exports (roughly 300 KMT out of a total 693.4 KMT). Remarkably, up to one-third of Russia’s sunoil output is shipped abroad.
Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the V International Conference “Black Sea Oil Trade”, which will take place on September 19, 2017 in Hilton hotel, Kiev, Ukraine.
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