The past 2018/19 season witnessed a further increase in Russian soybean production. A record soybean crop of over 4 MMT was obtained due to the largest ever planted area of 2.95 Ml ha and yield at a near-record 1.47 MT/ha, reports UkrAgroConsult.
Despite the crop rise, soybean exports dropped by 9% from the 2017/18 record due to stepped up domestic crush. As the country has no soybean oil consumption habits, over 70% of its production was shipped abroad.
Concerning 2019/20 season, real-time data on harvest progress as of October 25, 2019 show that farmers had harvested 4 KMT (up 17.6% year-on-year) from 2.3 Ml ha (4.5% ahead of last year) with yield at 1.72 MT/ha (up 36.7%).
UkrAgroConsult forecasts the Russian soybean crop at a record level. Domestic crush will continue growing as well as soybean oil exports owing to China’s interest in Far Eastern soybeans.
Egypt’s state buyer GASC purchased 77.5 KMT of vegetable oils