Russia: The oilseed results in 2021

Published 2022년 1월 14일

Tridge summary

Russia is set to lead the world in oilseed production in 2021, with record harvests of sunflower, rapeseed, and soybeans, making it the first country to reach 15.54 million tons of sunflower harvest, 2.79 million tons of rapeseed, and 4.76 million tons of soybeans. This is due to an increase in oilseed cultivation area by 15% in 2021, despite European regions experiencing low yield. However, the industry faces challenges such as high export duties on raw oil, potential record high end-of-season carryover stocks, and low global and local prices for sunflower and crude oil, which may correct in the second half of the season. Meanwhile, global sunflower harvest has also reached a record 57 million tons, mirroring the situation in Ukraine with poor sales and high stocks.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

• Record high yield of three key oilseeds in the world; • Record high sunflower harvest in the world; • Record high prices for rapeseed in the world; • Prices for essential oils close to record levels from a decade ago; • Record harvests of all major oilseeds in Russia; • Prohibitive, in fact, export duties on the export of raw oil; • Threat of record high end-of-season carryover stocks; • Preliminary assessment of IKAR: In 2021, for the first time, Russia may take the 1st place in the world in the production of oil flax. The year 2021 is ending with significant events for the oil and fat industry of the Russian Federation: a few days ago, the preliminary results of the harvesting campaign were published, which officially confirmed the record harvest for all major crops. The final results will be known to the market in March, however, it can already be stated that despite the relatively low yield in the European territory of the country, Russian farmers harvested at least 15.54 ...

Source: Oilworld