Soybeans market in Russia

Earlier Report Observations

Soybean production in Russia rose from 4.0 million tonnes in 2018 to 6.8 million tonnes in 2023, despite a minor dip in 2020. The increase was fueled by the expansion of sown areas and higher yields, supported by growing demand from the livestock and food processing sectors. From 2021 onward, production accelerated due to improved agrotechnology and the broadening of cultivation regions.

The market was significantly influenced by regulatory preparations for a ban on GM soybean imports, scheduled for 2024. Discussions in 2021 and tighter rules in 2022 stimulated domestic output and reduced imports, which dropped by over 38% between 2018 and 2023. The construction of new processing facilities and production sites further supported capacity growth. Exports varied, surging in 2023 and contributing to a stabilization of domestic market volume at 6.7 million tonnes that year. Overall, the Russian soybean market volume grew from 5.3 million tonnes in 2018 to 6.8 million tonnes in 2022, reflecting the shift toward greater self-sufficiency.

Production soybeans in Russia

In kind, 2017-2020, K t

From 2017 to 2020, Russia held the 8th position globally in soybean production.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

After two years of growth, soybean production in Russia experienced a decline. In 2020, Russia produced 4 308 K t of soybeans, marking a 1.2% decrease compared to the previous year. Over the period from 2017 to 2020, production increased by 18.9%, which translates to an annualized growth rate of 6.0%. The peak production was recorded in 2019 at 4 360 K t, with the largest annual increase occurring in 2018 at 11.2%.

Annual dynamics of production in Russia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Soybean production in Russia continued to rise for the third consecutive year. In 2020, the output was valued at 1 495 M $ US, reflecting a steady increase of 9.9% from the previous year. Between 2017 and 2020, production grew by 27.2%, averaging an annualized rate of 8.4%.

Annual dynamics of production in Russia in value, 2017-2020, M $ US

Exports soybeans from Russia

Exports in kind, K t

The market showed significant fluctuations during this period. The lowest export volume was recorded in 2017, while the highest occurred in 2020, with a peak-to-trough ratio of 2.3 times. In 2020, Russia exported 1 197 K t of soybeans, representing a sharp increase of 33.8% over the previous year. The largest decline was in 2019 at 6.8%, and the largest increase was in 2018 at 84.7%.

Annual dynamics of product's exports from Russia in kind, 2017-2020, K t

From 2017 to 2020, China dominated the export structure in kind, accounting for 79.4% of total flows, while other destinations contributed relatively small shares.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Russia in kind, 2017-2020

Exports in value, M $ US

The market exhibited notable fluctuations during this period. Export levels varied by 2.5 times between the low in 2017 and the high in 2020. In 2020, soybean exports from Russia amounted to 415.3 M $ US, showing a steep increase of 48.9% year-over-year. The largest decline was recorded in 2019 at 3.9%, and the largest increase was in 2018 at 72.2%.

Annual dynamics of product's exports from Russia in value, 2017-2020, M $ US

Between 2017 and 2020, China remained the top buyer of soybeans from Russia, accounting for 74.1% of total exports in value terms, with the remainder distributed among many other countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Russia in value, 2017-2020

Imports soybeans to Russia

Imports in kind, K t

In 2020, Russia's soybean import volume reached 2 072 K t, reflecting a 2.1% increase year-over-year. Over the period from 2017 to 2020, imports decreased by 7.4%, equating to an annualized decline of 2.5%. The minimum value was recorded in 2019 at 2 029 K t, and the maximum was in 2018 at 2 240 K t. The largest decline occurred in 2019 at 9.4%.

Annual dynamics of product's imports to Russia in kind, 2017-2020, K t

From 2017 to 2020, Brazil and Paraguay were the dominant suppliers of soybeans to Russia, together accounting for 88.5% of total imports in kind, with other sources each holding relatively small shares.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Russia in kind, 2017-2020

Imports in value, M $ US

In 2020, the value of soybean imports into Russia amounted to 862.2 M $ US, up by 8.9% compared to the previous year. Between 2017 and 2020, imports decreased by 10.7%, averaging an annualized decline of 3.7%. The minimum value was recorded in 2019 at 791.9 M $ US, and the maximum was in 2018 at 992.6 M $ US. The largest decline was in 2019 at 20.2%.

Annual dynamics of product's imports to Russia in value, 2017-2020, M $ US

Over the period from 2017 to 2020, Brazil and Paraguay together captured 87.7% of total imports in value terms, with the rest of the flows thinly spread across other markets.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Russia in value, 2017-2020