IKAR: Ban on import of GMO soybeans could change the Russian market

Published 2024년 12월 27일

Tridge summary

The Russian government has permitted the import of GMO soybeans until January 1, 2025. After this date, the domestic soybean and soybean meal market could undergo significant changes, as the traditionally included imported soybeans volumes are decreasing. If the import is not extended, large volumes of Far Eastern soybeans may need to be transported to the European territory, which is difficult and expensive. The government may introduce a de facto ban on GMO soybeans and soybean meal deliveries to Russia in 2024, depending on the soybean harvest in the 2023/24 agricultural year. Meanwhile, Russia's gross sunflower and soybean harvests have seen positive dynamics, increasing by 4% and 3.1% respectively compared to the previous year.

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Original content

The government decree permitting the import of GMO soybeans is valid until January 1, 2025, and if it is not extended, the situation on the domestic soybean and soybean meal market may change significantly, Dmitry Rylko, CEO of the Institute for Agricultural Market Studies (IKAR), told Agroinvestor. According to him, analytical balances traditionally include imported soybeans, the volumes of which are gradually decreasing year after year, but still remain quite significant. “About 400-450 thousand tons have already been imported in the current season, but there were still up to 900 thousand tons of imports left in the analytical balances. There are still some loopholes for imports, such as imports of non-GMO soybeans or still permitted GMO lines, but realistically, for a number of reasons, they are unlikely to be implemented,” Rylko notes. In this case, the balances of the domestic market will be greatly transformed, he continues. In particular, it will be necessary to transport ...

Source: AgroInvestor