October 7, 2014
Russian soymeal imports to drop 10%
Increased local output and a weaker ruble will contribute to an estimated 10% decline in Russia's soymeal imports this year, analysts say.
Market research firm Ikar notes that Russia has had a record soy harvest this season that would replace part of the imports of the soy-based animal feed, which mostly come from Latin America.
Estimates of soy harvests from plantations that started in September range from 2.2 million to 2.3 million tonnes.
With the start of operations of two oilseed-crushing plants earlier this year, Russia's capacity to make soymeal has increased.
Coupled with the 21% depreciation of the ruble against the dollar this year, the bumper harvest and added capacity to produce soymeal are expected to result in a 10% fall in soymeal imports to 400,000 tonnes, says Ikar.