The Ministry of Agriculture forecast: Record harvest of oilseeds is expected in Russia, prices for soybeans and rapeseed are breaking records.

The Ministry of Agriculture predicts that the harvest of oil crops in the current year will amount to about 28 million tons, including soybeans and rapeseed, which will reach record levels - 7 million tons and 4.6 million tons, respectively. The head of the Ministry of Agriculture, Oksana Lut, confirmed this at a government meeting. The CEO of the analytical company "ProZerno," Vladimir Petrichenko, previously estimated the rapeseed and soybean harvest at 7 million tons and 4.8 million tons, respectively, at a forum in Novosibirsk, while in 2023 these figures were 6.8 million tons and 4.2 million tons.

Other experts in the oilseeds market confirm these estimates. Executive Director of the Fat-and-Oil Union of Russia, Mikhail Maltsev, notes that this year the rapeseed harvest is forecasted to exceed 7 million tons, with soybeans reaching around 5 million tons. He also added that favorable weather conditions led to record sunflower harvests in the Volga and Altai regions. Oil crops remain the most profitable in crop production, so the areas allocated to them are gradually increasing, including the introduction of new arable lands into crop rotation.

According to the agency OleoScope, it is expected that the gross harvest of rapeseed and soybeans will exceed 7 million tons and 5 million tons, respectively. The agency's analyst, Liliya Varygina, notes that as of November 5, 95% of the soybean fields have already been harvested. This year, prices for these crops are higher than last year. The average price of soybeans in the Central Federal District has increased from 41-42 thousand rubles per ton in 2023 to 44-45 thousand rubles per ton, while in the Volga region, the price last year was 37-38 thousand rubles per ton and has now risen to 46 thousand rubles per ton. Adverse weather conditions have had a significant impact on price growth, especially in the Central Black Earth region. However, in the Far East, soybean prices have remained almost unchanged and continue at around 37 thousand rubles per ton.

The price of rapeseed has also increased. In the Central Federal District, it has risen from 36 thousand rubles per ton to 43 thousand rubles per ton, and in the Northwestern Federal District, from 34-35 thousand rubles per ton to 38 thousand rubles per ton. The price increase for rapeseed is also linked to weather phenomena. High temperatures and drought have led to adjustments in harvest forecasts and price increases. Moreover, throughout the year, global rapeseed prices have risen significantly, reaching three-year highs, which also affects price dynamics.

In light of the increasing demand for oil crops and oil prices, many farmers are seeking to expand the areas dedicated to them. Analysts at "OleoScope" expect further expansion of areas under oil crops. "The growth of production capacities and the increase in global demand will also lead to an increase in the share of oil crops in the structure of total sowing," Varygina adds.