What prospects await the oilseeds industry in Russia in 2024?

Soybean

Published Mar 28, 2024

Tridge summary

In 2024, Russia is set to expand its cultivation area for four major oilseed crops to over 17 million hectares, marking an increase from the previous year's 16.965 million hectares. This growth is attributed to the rising area under soybean, rapeseed, and oilseed flax crops, driven by their lucrative margins and robust demand, with soybeans experiencing the most significant expansion to 4 million hectares. However, the area dedicated to sunflower crops is expected to see a slight reduction due to farmers' lack of confidence in domestic seeds. These projections were provided by the OleoScope information and analytical agency and reported by sfera.fm.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Soybean, rapeseed and oilseed flax crops will increase, sunflower crops will decrease slightly The area under four oilseed crops in Russia will increase in 2024. The most significant increase in area is expected under soybean crops - this crop has high margins and processors from different industries compete for the bean harvest. This was reported on the website sfera.fm. According to information, the area under four key oilseed crops in the Russian Federation this year may grow to more than 17 million hectares from 16.965 million hectares a year earlier, the OleoScope information and analytical agency predicts. As part of the forecast, which sfera.fm has read, analysts indicate that the area under soybeans, rapeseed and oilseed flax will increase, and the area under sunflower may decrease slightly. The most significant increase will be shown by the area under soybeans, according to agency analysts - up to 4 million hectares. Russian farmers are attracted by the high margins of ...

Source: Agrosektor