Latest news with #DmitryRylko
&w=3840&q=100)
Business Standard
25-07-2025
- Business
- Business Standard
Russia suspends sunflower oil duty till end of August to boost exports
Russia, one of the world's top producers and exporters of sunflower oil, on Friday suspended floating duty rates on sunflower oil and sunflower meal until August 31 to boost exports and help local producers. The export duty was introduced in 2021 in order to protect the domestic market from price spikes and was set at 4,739 roubles ($59.61) per ton of sunflower oil in July. "At present, the domestic market is fully supplied with sunflower oil. Therefore, the suspension will not affect the availability of sunflower oil for Russians," the government said in a statement. According to the US Department of Agriculture, Russia and Ukraine produce over half of the world’s sunflower seeds and are responsible for nearly three-quarters of total sunflower oil and meal exports. IKAR consultancy head Dmitry Rylko estimated that Russia exported 4.7 million tons of sunflower oil in the 2024/25 season, which will end on August 31, compared with a record 5.3 million tons in the previous season. "We expect some revival in exports," Rylko told Reuters. He estimated that Russia will export 350,000 tons in August. IKAR forecasts this year's sunflower seed harvest at no less than a record 18 million tons. Russian lobby group Oil and Fat Union estimates that Russia is the world's leading producer of sunflower oil and the second largest exporter after Ukraine. Russia exports sunflower oil to India, Turkey, Iran, China and Egypt. It exports sunflower meal, used in animal feed, to Turkey, Belarus, China and the European Union. Russia's sunflower oil production became unprofitable in 2024 due to rising domestic prices for seeds. Several plants across Russia stopped operations as a result. Exports fell by 38 per cent in the first half of 2025, according to customs data, which does not take into account trade with sanctioned countries such as Iran. Head of the Oil and Fat Union Mikhail Maltsev said that the duty suspension for the remainder of the season will help exporters clear their stockpiles. "In the new season, we hope the market will stabilise and that procurement prices for sunflower seeds will once again make exports economically viable for processing plants," Maltsev said.
Business Recorder
08-07-2025
- Business
- Business Recorder
Russian wheat export prices higher
MOSCOW: Russian wheat export prices rose towards the end of last week along with global prices, while shipments at the start of the season remain low. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in August was $225 per metric ton at the end of last week, up $3 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy. 'In my opinion, the price has risen, as it is still obvious that our harvest is not expected to be an outstanding one. In addition, exports from Europe and Ukraine have dried out, and this also had an impact,' he said. The SovEcon consultancy estimated new crop offers at $225-$228 per ton, at the same level as a week earlier. Wheat exports last week fell to 0.1 million tons from 0.19 million tons a week before, the agency said. Sovecon maintained its estimate of wheat exports in June at 1.2 million tons. IKAR has raised its estimate to 1.3 million tons from 1.2 million tons. IKAR's wheat export estimate for July is between 2.2 and 2.3 million tons. The export duty on wheat, which the Russian Ministry of Agriculture calculates weekly, fell to zero for the first time last week. It will be in effect during the second week of the new season from July 9 to July 15. On Friday, the agriculture ministry reported that the sowing campaign in Russia was almost complete
Zawya
25-06-2025
- Business
- Zawya
Russia aims to boost grains, vegoil exports to Iran
MOSCOW: Russia aims to boost grains and vegetable oil exports to Iran through the Caspian Sea in the coming months, thanks to an anticipated larger harvest this year and an end to trading restrictions, market analysts and traders said on Tuesday. Trade between Russia and Iran, both heavily sanctioned by the West, grew by 16% to $4.8 billion last year. It primarily goes through the inland Caspian Sea, whose coastline is shared by Russia, Iran, Kazakhstan, Azerbaijan, and Turkmenistan. "There is potential to increase our supplies of corn, barley, and sunflower oil to the Iranian market," said Andrei Kucherov, head of agriculture at Reksoft, a consulting firm, partly owned by billionaire Vladimir Potanin's Interros holding. Igor Pavensky, chief analyst at rail carrier Rusagrotrans, said Iran could triple Russian wheat imports to 3-4 million tons in the coming season and boost corn and barley imports to 3.6 million tons from 2.6 million. Iran is the largest buyer of Russian corn and the second-largest buyer of Russian barley. After a pause due to a good harvest last year, Iran resumed wheat purchases from Russia in March, becoming the third-largest buyer in May. "We are expecting a record sunflower seeds harvest this year. Corn, as well as barley and wheat, are in a good shape. So we have all the possibilities there (to increase supplies to Iran)," said Dmitry Rylko, head of IKAR consultancy. Russian traders said Iran explored the pricing and availability of corn and barley from Russia over recent days. Afghanistan is also in talks with Russia to import certain foodstuffs, a minister told Reuters recently. HEALTHY DEMAND Russia is expecting to harvest 135 million tons of grain this year, including 90 million tons of wheat, compared with 130 million tons of grain and 83 million tons of wheat in 2024. Iran's harvest is expected to be lower this year due to drought. Iran's ability to trade internationally has been hit by President's Donald Trump's maximum pressure campaign, re-launched in February to drive down oil exports, as well as by surprise Israeli air attacks since last week. Russian traders are preparing for the new grain marketing season, which begins on July 1, with an opportunity to export all grains without restrictions until February 2026, when exports will be limited by quotas. Russia has set zero export quotas for barley and corn in the second half of the 2024/25 marketing season, effectively banning exports, which are due to resume next week. Traders said Iranian partners were actively discussing potential purchases. "There was healthy demand from Iran," said one trader, who spoke on condition of anonymity. According to IKAR consultancy, Iran was the second-largest buyer of Russian grain after Egypt in the 2024/25 marketing season. A second trader confirmed that talks were taking place and said he expected barley and corn trade flows through the Caspian Sea to resume after July 1. Corn accounted for 20% of Russia's total exports to Iran, while barley accounted for about 6%.
Business Recorder
24-06-2025
- Business
- Business Recorder
Russian wheat export prices up following global rates
MOSCOW: Russian wheat export prices rose last week, tracking global rates amid rising geopolitical tensions and weather problems in a number of countries, including Russia, analysts said. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery by July-end was $227 per metric ton at the end of last week, up $5 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy. The SovEcon consultancy estimated new crop offers at $226-$230 per ton, compared with $225–$229 the week before. '(Russian wheat's) competitive edge improved significantly after a sharp rise in European prices,' SovEcon wrote in a weekly note. SovEcon lowered its estimate of wheat exports in June to 1.2 million tons from 1.5 million tons. IKAR maintained its estimate at about 1 million tons. Rusagrotrans raised its export forecast for June 2025 to 1.25 million tons from 1.06 million tons. The railway operator estimated exports in July 2025 at the same level as a year before, at 3.6 million-4.0 million tons. The harvesting campaign started in a number of Russian regions. Grain sowing slowed after a fast start, reflecting reduced profitability, SovEcon said. The agency reduced its forecast for spring wheat acreage in Russia to the lowest for the decade, at 11.8 million hectares from 12.7 million hectares, against 12.3 million hectares in 2024. Last week, Rostov was joined by another of the country's largest grain-growing regions, Krasnodar, in declaring a state of emergency due to drought in northern districts. At the same time, the Ministry of Agriculture expects a harvest slightly higher than last year. The wheat harvest could reach 90 million tons, Minister Oksana Lut said last week. New season wheat exports are forecast at 45 million tons.
Business Recorder
03-06-2025
- Business
- Business Recorder
Russian new crop wheat export prices remain flat amid weak activity before new season's start
MOSCOW: Prices for new crop Russian wheat remained unchanged last week as trading in old crop supplies has nearly stopped and the market is waiting for the start of the new marketing season with possible changes in export regulations, analysts said. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in the second half of July was $225 per metric ton, same as a week ago, said Dmitry Rylko, head of the IKAR consultancy. IKAR upgraded its estimate of wheat exports in May to 2.1 million tons from 1.7-1.9 million tons a week ago. Wheat exports in June are estimated at 1.2 million tons. The Sovecon consultancy estimated prices for Russian old crop wheat with 12.5% protein content at $240-243 per ton FOB compared to $248-250 per ton FOB a week before. New crop offers are being discussed at $225–230 per ton. According to the agency, the price dynamics was affected by a potential change in the calculation of export duties announced last week by Russian Deputy Prime Minister Dmitry Patrushev. He said Russia will reduce exports to 44.5 million metric tons of wheat and 53 million tons of grain in the 2024/25 season. Sovecon upgraded the forecast for May wheat exports by 0.1 million tons to 1.9 million tons.
