Sunflower oil deficit will lead to increase in rapeseed prices

Cessation of sunflower oil supplies from Ukraine, reduction of imports from Russia will lead to acute shortage of vegetable oils on the world market, World of NAN reports referring to Producer.com.

Earlier, the Russian Federation announced that it introduces an export quota for sunflower oil in the amount of 1.5 million tons from April 15 to August 31. Experts estimate that sunflower oil exports from Russia are projected at 3.65 million tons in 2021-22, representing 30% of global trade. The problem is also exacerbated by a 35% reduction in Canadian rapeseed production in 2021-22.

Processors and food processors can use corn or high oleic rapeseed oil. Soybean oil is not suitable because of its taste. And palm oil and cottonseed oil contain too much saturated fat.

Thus, the demand for high-oleic rapeseed oil will increase and may exceed the supply. For this reason, rapeseed and oil prices will remain high in 2022-23.

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