The duty will be increased to 50% and will be at least $ 320 per ton.
The modified fees will apply until August 31, 2022.
The rate for the export of rapeseed remains the same: 30%, but not less than 165 euros per tonne (the same rate was in effect for sunflower until 01.07.2021).
Soybean exports will be taxed at a reduced rate of 20%, but not less than $ 100 per ton for 14 months.
The message of the measures taken by the government is clear:
— the increased duty on sunflower and rapeseed should provide the necessary volumes of raw materials in the domestic market to curb the growth of consumer prices for food products and enable the capacity of processing enterprises to be loaded
— the reduction in the export duty on soybeans should increase the attractiveness of investments in the processing of soybeans and the launch of the previously mothballed processing plants.
Analyzing the rate of the new export duty on sunflower, experts agree that it becomes almost unrealistic to export raw materials in such conditions.
It is likely that raw materials will be exported to Kazakhstan, which is a member of the Customs Union, and has not yet taken measures similar to Russia. In this situation, «gray» export through the territory of this state is also possible.
An important point is the calculation of the price of sunflower through the cost of oil. The oil price remains quite high at $ 1,120 per ton.
Sunflower in Russia fell in price from June 8 to 25 by 855 rubles (46 thousand rubles / ton), and at the beginning of the month it was sold at 53.2 thousand rubles / ton.
Sunflower oil fell in price by 5.1 thousand rubles / tonne (99.3 thousand rubles / tonne). The price of the beginning of June is 113.7 thousand rubles / ton.
One of the factors of pressure on the price of sunflower oil Refinitiv Agriculture considers a possible record harvest of sunflower in the Black Sea region: in Ukraine they plan to restore sunflower production to record levels, and in Russia they predict one of the highest harvest rates of oilseeds.
