According to the latest data, this year Russia can harvest up to 7.35 million tons of soybeans, which is more than last year’s results — 6.8 million tons.
At the moment, soybean harvesting has already begun in the Krasnodar Territory, according to the Russian Ministry of Agriculture.
Experts do not rule out that the harvest will exceed the previous year’s value, since 4.05 million hectares were sown with soybeans this year, which is more than last year’s level of 3.7 million hectares.
A number of experts consider a harvest of 7.35-7.4 million tons to be a «neutral level», that is, under favorable conditions, it can be even higher. Currently, the drought in the southern regions of the Russian Federation is a concern, which may become one of the factors that will reduce the harvest.
Reaching a gross harvest level of up to 7.35 million tons or higher will, among other things, extend the positive trend. According to Rosstat, the 2023 harvest was 13.7% higher than the 2022 level.
It is noteworthy that in a significant part of the territory of the Russian Federation, at least in the Krasnodar Territory, seeds of domestic selection are actively used.
This is an important step towards even greater food security for the country.
In which regions is the soybean harvest expected?
About 3.9 million tons are planned to be collected in the regions of the Central Federal District, approximately 1.9 million tons — in the Far Eastern region.
It is interesting that in the Central Federal District, the area under soybeans this year increased by 22% compared to last year.
In the Volga region, sowings increased by 42%, in Siberia by 46%, in the Urals — by 156%.
Taking this into account, the drought in the south, although it can become a negative factor, is unlikely to have a decisive impact on the overall level of soybean harvest in the Russian Federation, since the main harvest is expected in other regions.
High results in the gross soybean harvest this year also open up good opportunities for export.
The Institute for Agricultural Market Studies predicts that soybean exports could amount to about 1 million tons this season. This could be a result of both increased demand for Russian products and the resolution of logistics issues.
At the same time, the domestic market will definitely be provided with a large amount of soybean reserves, their level will most likely increase from 300 thousand tons to 400 thousand.
The level of soybean imports to Russia will decrease from 1.2 million tons to 900 thousand.
This is a critical step, since it means that the country will become a net exporter of soybeans. This could affect both domestic demand for soybeans and prices for this type of product within the country.
At the same time, soybean processing in the Russian Federation is also growing. It is expected that this year it will increase from 6.2 million tons to 6.4 million.
