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Oct. 4 (Bloomberg) -- Russian sunflowerseed stockpiles and exports will reach a record this year on improved yields, pressuring prices for cooking oils including those made from soybeans and palm, Oil World said.
Production in Russia in the year through August 2012 will gain 61 percent to 9.2 million metric tons while the amount processed rises 44 percent to 7.8 million tons and exports reach 700,000 tons, up from 10,000 tons a year earlier, Oil World said in a report today. Exports of sunoil will total 900,000 tons, up from 30,000 tons last year, the researcher said.
“Record supplies of sunflowerseed, oil and meal will soon start to move onto the world market,” Oil World said. “With harvesting expanding, sunflower yields have reportedly stayed above expectations in the past few days, although they declined somewhat from the exceptionally high levels obtained initially.”
Increased production and exports from Russia will pressure soybean oil prices on the Chicago Board of Trade that are already down 15 percent this year and palm oil prices on the Malaysian Derivatives Exchange that yesterday dropped to a one- year low of 2,845 ringgit ($887) a metric ton.
Sunflower harvesting is behind in Russia as collection of the oilseeds totaled 1.4 million hectares (3.5 million acres) on Sept. 28 compared with 2.5 million hectares at the same time a year earlier, Oil World said. Yields are averaging about 1.85 tons a hectare, up from 1.13 tons a year ago, according to the report.
--Editors: Claudia Carpenter, Alastair Reed
To contact the reporter on this story: Tony C. Dreibus in London at email@example.com.
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.