Russia exported record soybean volume in 2020/21 MY

Source

APK-Inform

2707

According to APK-Inform, Russia exported record 1.38 mln tonnes of soybean in 2020/21 MY, up by 4% compared to the preceding maximum of 2019/20 MY (1.32 mln tonnes).

Significantly higher demand from China, mainly prior to the implementation of the export duty on soybean in Russia, pushed the export up, despite the decline of the oilseed crop by 2% in 2020.

In 2020/21 MY, Russia exported 1.08 mln tonnes of soybean to China (+38% y/y). About 62% of the overall volume was contracted in January 2021.

Russia imposed the export duty on soybean on February 1, 2021 to curb price growth and increase the utilization of processing enterprises amid decrease of sunflower seed crop in the country.

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