Russia: soybean supply and demand balance shifting in favor of domestic crush

This past season 2020/21 broke an upward trend in Russian soybean production seen since six years ago, but the path of increasing its crop had been taken much earlier.

The 2020/21 soybean crop at a near record was obtained amid an almost 8% decrease in plantings and record high yields.

Russia is aimed at a new record in soybean production, subsidies for growers of oilseeds, including soybeans, are provided in MY 2021/22 under the “Agricultural Exports” project.

The current soybean crop forecast is slightly higher compared to MY 2020/21 due to expanded plantings and high yield, UkrAgroConsult reports.

Soybean crush is expected to rise in the 2021/22 and soybean products exports are set to increase. Russian soybean imports are forecast at a traditional level.