The Russian Ministry of Agriculture expects an increase in soybean yield to 7-8 million tons in the coming years

In 2023, Russia harvested a record soybean harvest of 6.7 million tons; in the coming years, the figure could be increased to 7-8 million tons, the Ministry of Agriculture reported. This will allow us to achieve complete self-sufficiency in soybeans and create significant export potential. The ministry noted that this year's soybean harvest increased by 0.7 million tons compared to the previous record. “Soybeans have become one of the most attractive crops for growers in recent years. Over ten years, the area under cultivation has increased 2.3 times - from 1.5 million hectares to 3.5 million hectares,” the agricultural department said in a statement. It notes that interest in production is due to favorable conditions amid growing global demand for soybeans and their processed products, as well as a set of government support measures. In 2023, the government allocated 1.86 billion rubles to farmers to stimulate the production of oilseeds. Kirill Lozovoy, an analyst at the ...