Soybeans continue gaining interest of Russian growers. In the 2019/20 season, the soybean crop set a new high (4.36 MMT) not only due to an expanded planted area but also thanks to a record yield level. Far East crop losses caused by adverse weather were offset by plantings in the central, southern regions and in Siberia.
In MY 2019/20, Russian exportable supplies of soybeans and their products will hit new highs, UkrAgroConsult reports.
While exports of soybeans and soybean oil are aimed at China, the key consumer of soybean meal is the EU.
According to forecasts, the new 2020/21 season will see another 3% increase in plantings, that will bring the soybean crop up by 4%. However, soybean plantings in some central regions of Russia will shrink this year because of relatively low margin of this crop, while those in the Far East are expected to expand.
In the future, climate change, breeding achievements, and the launch of new crushing facilities will drive soybean production not only in the Far East but also in the European part of Russia. The upward trend will persist.
Belarussian farmers purchase more than 1 MMT of meal a year, including 45% through the exchange