Commodities Buzz: Russia Reports Record Soyabean Exports In MY 2017/18

Russias soybean shipments in the 2017/18 season (September-May) remain at an all-time high of 730.1 KMT. This is almost twice as much as in the whole of MY 2016/17 (368.3 KMT), reports UkrAgroConsult. In May 2017/18, Russian soybean exports reached a record mark for this month: 55.2 KMT against 84.3 KMT in the previous month and 22.1 KMT in May 2017.

The record volumes of Russian soybean exports were achieved at the expense of higher sales to China, whose export share exceeds 87%. During the first nine months of the current season, supplies to this country increased almost threefold, to 707.1 KMT against 258 KMT a year ago. China is expected to become still more interested in buying Russian soybeans due to its complicated trade relations with the US and the desire to substitute American soybeans by every possible means.