Thanks to the record high harvest in the current season Russia will be able to reduce the import of soybeans, says the forecast of the Russian analytical agency APK-Inform.
"In the 2014/15, Russia will reduce the imports of soybeans to 1.1 million tonnes compared to the record high figure of 1.9 million tonnes last season", stated oil markets analyst of "APK-Inform" Elena Karasik. In the current season import will drop by nearly 40%.
"This reduction will be possible due to the record level of soybean production in Russia, which was accomplished in 2014. According to the preliminary estimations from the Russian Federal Static Service, soybean production in 2014/15 totalled 2.5 million tonnes, which is 1.6 times more than in 2013/14" - said expert.
Soybean acreage reached a record this season
Russia will probably continue to increase the volume of soybeans production. According to Elena Karasik in the current season soybean acreage in Russia reached a record ever figure of 2 million ha and while average yields remained at the level of the last season - 13.5 t/ha.
The soybean processing capacity is estimated at 3.2 million tonnes, which is reflecting a slight increase compared to the same figure of the previous season (+ 1%).
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