Russia has the potential to set a new record in oilseed production. If the weather favors

UkrAgroConsult

Article author:

Svetlana Kupreeva

Oilseed Market Analyst

According to preliminary data, Russia’s 2021 harvest of oilseeds reached a record over 24 MMT. The planted area of oilseeds has also reached its maximum size at 16.6 Ml ha.

On the positive side, this was a favorable year featuring a yield increase, as well as an expansion of plantings of other less traditional oilseeds.

Despite the crop increase, Russia has extended the duty on oilseed exports outside the EAEU this season (sunflower seed – 50%, rapeseed – 30%, soybeans – 20%), which was applied last season to curb domestic price growth. For the same purpose, a damper mechanism of floating export duties for sunflower oil is in force in MY 2021/22.

As for 2022/23 prospects, the interest in growing oilseeds will traditionally be maintained by their high margins. However, the planted area of sunflower may slightly shrink, taking into account that there is everything necessary for good survival of winter grains.

Meanwhile, oilseed production may increase due to expansion plantings under soybean, rapeseed and linseed under the favorable weather conditions, UkrAgroConsult reports.

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Tags: soybean, rapeseed, Russia, sunflower