Source: Oleoscope (Russia)
In the initial months of the year, specifically January and February, Russia’s soybean exports to China reached a value of $38.8 million, which is roughly half of the $75.9 million recorded during the same time frame last year, according to Finmarket, which references data from the State Customs Administration (SCA) of China.
February alone saw a decline in shipments, dropping to $22.5 million from $39.3 million in February of the previous year.
During January and February, China procured soybeans from seven different countries. The top suppliers were the United States at $4.2 billion, Brazil at $1.7 billion, and Canada at $273.1 million, placing Russia fifth on the list.
As per OleoScope, soybean exports for the first half of the 2024/2025 season totaled 269 thousand tons, marking a 60% decrease compared to the same period last year. China was the primary buyer, importing 207 thousand tons.
This year, exports of soybean oil have also declined compared to last year. For February, the total was $5 million, nearly three times lower than the $14.8 million from the previous February. In the January-February period, shipments dwindled nearly fourfold, falling from $38.2 million to $10.1 million.
In 2024, China has sourced soybean oil from nine countries, with Russia being the dominant supplier. Ukraine came in second with $2.5 million worth of purchases, followed by Kazakhstan, which imported $355.5 thousand.
As reported by Rosstat, Russia anticipates an increase in soybean production in 2024, projecting a harvest of 7.1 million tons, up from 6.8 million tons in 2023.
Additionally, it has been reported that wheat exports to China during this period have plummeted ninefold, falling to $1.3 million compared to last year’s $11.3 million for the same timeframe.