Russia reducing dependence on soybean meal imports

 01.06.2017 12:30:31

01.06.2017 | UkrAgroConsult
Svetlana Kupreeva- oilseed and vegoil market analyst at "UkrAgroConsult"

Growers in the Black Sea countries have been increasingly interested in soybean cultivation over the recent decade. Russia's agriculture follows the same trend. So, the soybean crop has more than quadrupled in this period, reaching a record 3.1 MMT in MY 2016/17.

Apart from an expansion of planted acreage, greater stability is seen in soybean yields, which neared a record 1.44 MT/ha in 2016/17 season with a peak value of 1.48 MT/ha.

The current 2016/17 season (September-April) witnesses a 25% drop in soybean exports in favor of domestic processing. In addition, soybean and soybean cake imports are down 1% and 89%, respectively. At the same time, while the soybean market has been featuring this trend since three years ago and the decrease is quite smooth, soybean meal imports are uneven and the past seven months of MY 2016/17 saw a slump in this product's purchases from foreign sellers (33 KMT against 291 KMT), reports UkrAgroConsult.

Full version of the article is available to subscribers for weekly market report "Black Sea Vegoils +CIS" and "Online market review" by UkrAgroConsult.

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the V International Conference "Black Sea Oil Trade", which will take place on September 19, 2017 in Hilton hotel, Kiev, Ukraine.