Russia will seriously increase exports of soybean oil

Supplies of soybean oil abroad in the 2023-24 agricultural year (for oilseeds and their processed products changes every September to the first of the named calendar) may increase by 13 percent from the same period last year. This was reported by field.rf with reference to Mikhail Maltsev, executive director of the Fat and Oil Union, member of the ROSNG Expert Council. According to the organization, output of the product in 2022-23 exceeded one million tons, and exports increased from 2021-22 levels by 18 percent to 662,000 tons. Almost a third of this volume, 216,000 tons, came from Algeria, the rest was purchased by India and China. These are traditional importers of goods who actively use them in their food industry. Manufacturers of two oils will suffer from exchange rate duties - OleoScope Maltsev also presented data on soybean meal. During the same period, four million tons were produced, and 712,000 were delivered abroad, or eight percent higher. The main importers were ...