In 2024, vegetable oil production in Russia is expected to exceed 10 million tons, of which 7.5 million tons will be exported (+0.83 million compared to 2023). The 2023 oilseed production amounted to 29.5 million tons.

According to data from the European Commission, there is a significant decline in vegetable oil imports to the EU—a 21% reduction—while imports of oilseeds and soymeal have increased. Soyoil imports dropped by 66%, rapeseed oil imports by 50%, sunseed oil imports by 19%, and palm oil imports by 18%.

From January to October, Russia's sunseed oil exports to India reached 1.8 million tons, double the previous year, accounting for 43% of Russia's total sunflower oil exports. Turkey’s share in Russian exports stood at 15%, and China’s at 13%. According to OleoScope, during the same period, Russia's total vegetable oil exports reached 6.3 million tons (+13% year-on-year), including 4.6 million tons of sunseed oil (+30%).

According to an IKAR forecast, Russia's 2024 sunseed production will total 15.8 million tons (compared to 17.4 million in 2023), rapeseed production is epxected at 4.7 million tons (up from 4.2 million), and soybean production is projected at 6.9 million tons (up from 6.8 million). Significant investments in Russia's oil processing sector will increase capacity by 6 million tons. To fully utilize this capacity, a 4–6 million ton increase in oilseed production and an expansion of cultivation areas by 2–3 million hectares will be required. In 2024, oilseed cultivation areas in Russia amounted to 18 million hectares.

In Australia, the 2024/25 wheat harvesting campaign is progressing rapidly and nearing completion. However, heavy rains over the past two weeks have delayed the harvesting campaign and worsened grain quality. It is highly likely that 2.5–5 million tons of wheat, typically used for milling, will be downgraded to feed wheat (8–16% of the total production).