"From peas to oilseeds" - forecast

Analysts said on Thursday that this year Russian farmers will have a surplus of peas after China, the country's main trading partner, bought less than they had expected, and predicted that they may switch to other crops, Reuters reports. After China allowed the import of Russian peas in 2022, many farmers switched to peas from other crops, including wheat, the profitability of which decreased due to a global oversupply, which negatively affected prices. Now the problem is the surplus of peas, which, according to the consulting company Reksoft, is estimated to be around 700,000 metric tons this year. "Everyone switched to peas, expecting high profitability. They received low prices, low profitability. As a result, there was an oversupply and there is no motivation for the next year," said Reksoft head Dmitry Krasnov. Reksoft estimated the pea harvest for the season from June last year to July 2025 at 5.3 million metric tons, which is 40% more than the previous year. The total ...