During several recent years, increasing of soybean processing volumes in Russia contributed to a significant growth in the production of soybean oil, which during two recent seasons increased by 158 thsd tonnes (to 808 thsd tonnes), and in the current marketing year it will rise by nearly 47 thsd tonnes, to 854 thsd tonnes, according to APK-Inform forecasts.
Also, since 2014/15 MY the domestic consumption of soybean oil in the country grew (by more than 71 thsd tonnes), and in the current season the figures may increase by 54 thsd tonnes, and reach 350 thsd tonnes.
At the same time, increasing of the domestic consumption of the product can reduce its export volumes in the current MY to 500 thsd tonnes, against 521 thsd tonnes in the previous season (estimations of APK-Inform Agency), despite the growing global demand for soybean oil.
Nevertheless, in 2017/18 MY the exports will still cover nearly 60% of the general distribution of Russian soybean oil.
