Russian soybean market: the new season hitting new highs

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.