According to the Federal Customs Service, Russia exported the record volume of rapeseed in August. The shipments amounted to almost 150 thsd tonnes, up by 8.5 times compared to July and up by 8% compared to the previous maximum (139 thsd tonnes in October 2020).
Such massive export occurred due to strong demand from Belarusian processors. Russia exported almost the entire rapeseed volume to Belarus in August.
Since January 2021, there is an export duty on rapeseed in the amount of 30% while supplying from Russia outside the EAEU. It resulted in higher export to the countries of the block (up by 2 times in January-August 2021).
A progress of rapeseed harvesting in Siberia region may raise the shipments of Russian rapeseed to China amid geographical proximity as well as lower export potential of Canadian canola in 2021/22 MY.
APK-Inform forecasts Russia to cut rapeseed export to 520 thsd tonnes in 2021/22 MY (-24% y/y) due to the export restrictions and higher demand from the local processors. However, the export will remain quite high.