According to APK-Inform, the export prices of Russian sunflower oil have been declining since the start of the last week.
Trade activity was low due to the weak demand from many key importers, who faced problems with payment amid sanctions imposed on Russia and preferred to buy cheaper alternative oils. The prices were also pressured by lower production cost of sunflower oil because of weakening of prices of sunflower seed and high supply of the oilseed. Exporters were ready to decrease their offer prices of sunflower oil to attract higher demand.
At the same time, high internal logistic costs, slightly stronger demand from Turkey, who could not buy Ukrainian oil as well as growing sunflower oil export duty in Russia limited the development of the downward trend.
The offer prices of crude sunflower oil decreased by 10-35 USD/t to 1925-2000 USD/t FOB (May) as of May 10. The bid prices declined by 10-15 USD/t to 1860-1900 USD/t FOB.