Primorye to restrict soybean exports given reduction of crop area due to rain

VLADIVOSTOK. July 17 (Interfax) - Farmers in Primorye planted only 151,000 hectares of soybean, the eastern Russian region's main export crop, in 2024, which amounts to just 51% of the planned figure, the regional government's press service reported.

"Farmers have finished planting soybean, fulfilling 51% of the plan. Further planting of this crop does not make sense as it will no longer ripen. We will partially reduce soybean exports, which will make it possible to supply the region's livestock farming sector with feed," Primorye Agriculture Minister Andrei Bronts was quoted as saying in the press release.

Farmers plan to harvest the crop in October.

It was reported earlier that 24,500 hectares of cropland was flooded due to incessant rain as of June 25. Early grains, soybean and corn were hit hardest. Farmers were forced to delay soybean planting due to the bad weather.

Primorye harvested 840,000 tonnes of soybean, corn and rice in 2023, 27.6% less than a year earlier due to severe flooding in the region last August.

The region's agricultural exports totaled more than $1.9 billion in 2023, with soybeans accounting for $289 million of this figure. Most of Primorye's agricultural exports are shipped to countries in the Asia-Pacific region, specifically China, South Korea and Vietnam.