Source: Oleoscope (Russia)
According to preliminary data, the area under soybean cultivation will be 4.05 million hectares in 2024, meaning that a record harvest of 7.35 million tons can be expected. This was reported by field.rf with reference to the RUSEED analysis center. According to analysts’ estimates, the soybean harvest will increase by 8% or 550,000 tons.
“Against the backdrop of the drought in the southern states, there may be a reduction in crop yields. However, the largest share of acreage (47%) is located in the Central Federal District, where high soybean yields are expected,” predicts RUSEED.
In the regions of the Far East, gross yields are expected to fall from 2 to 1.9 million tons. In the Central Federal District, the soybean harvest could reach 3.9 million tons, compared to 3.6 million tons in 2023, taking into account the expansion of the area.
According to the forecast of the Institute of Agricultural Market Economy (ICAR), soybean production in Russia could reach a record 7.4 million tons in 2024, with exports of around 1 million tons and processing of over 6.4 million tons.
Analysts had previously noted a steady upward trend in soybean prices. In June 2024, the average cost of soybeans in Russia reached 36.5 thousand rubles per ton, an increase of 7.5% compared to May and 19.8% compared to June 2023. Since the beginning of the year, the price of the crop has risen by 1.5