Russia renews record soybean harvest of 6 mln tonnes in 2022 - AgMin

MOSCOW. Nov 25 (Interfax) - Russia has renewed its record soybean harvest this year, bringing in 6 million tonnes, 22.6% more than last year, the Agriculture Ministry reported.

The yield rose to 1.89 tonnes per hectare from 1.65 tonnes in 2021.

Soybeans have been one of the most attractive crops for investment for farmers in recent years, the ministry said. The area planted with soybean has grown by 130% in the past ten years, from 1.5 million ha to 3.5 million ha.

"Interest in production is due to the high export potential, favourable market situation and growing global demand for soybeans and processed products," the ministry said.

Soybean exports have grown by 44% since the beginning of this year. The country has exported 1.165 million tonnes of soybeans, 495,500 tonnes of soybean cake and 483,300 tonnes of soybean oil. The key markets were China, Belarus and Kazakhstan for beans, Algeria, Egypt and India for oil and Germany, Turkey and the Netherlands for cake.

The ministry recalled that 4.8 billion rubles have been allocated this year to stimulate production of oil crops - rapeseed and soybean.