Russia: Nizhny Novgorod farmers are refocusing on growing oilseeds

Rape Leaves
Published Feb 21, 2024

Tridge summary

Farmers in the Nizhny Novgorod region are transitioning to oilseeds like rapeseed and soybeans following significant losses due to overproduction and plummeting grain prices in 2023. The Ministry of Agriculture predicts a decrease in the spring harvest from 2.2 million tons of grain in 2023 to 1.3 million tons. This shift is driven by increasing costs for fertilizers and fuel, leading to a reduction in acreage. As the agricultural sector's debt burden grows, authorities are exploring additional support options for farmers.
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Original content

After the record grain harvest harvested in the Nizhny Novgorod region in 2023 resulted in billions of losses due to overproduction and falling prices, Nizhny Novgorod farmers decided to grow more marginal oilseeds. Futures deals are being concluded for the supply of rapeseed and soybeans, the regional Ministry of Agriculture said. The projected spring harvest will be 1.3 million tons, which is enough to meet the needs of the region. The sowing campaign will cost agricultural companies 10 billion rubles. At the same time, rising prices for fertilizers and fuel are forcing agricultural enterprises to reduce acreage. The authorities are looking for options for additional support for farmers, while the debt burden of the agricultural sector continues to grow. The Ministry of Agriculture of the Nizhny Novgorod Region expects to collect 1.3 million tons of grain in 2024, compared to almost 2.2 million tons that were collected in 2023, Deputy Minister Oleg Grigoriev said at a meeting of ...
Source: Milknews
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