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Russian institute lowers oil crops forecast for 2024

About 9.8 million hectares of sunflower, 4.3 million hectares of soybeans, and 2.7 million hectares of rapeseed were sown for this year's yield

MOSCOW, October 22. /TASS/. The Russian Institute for Agricultural Market Studies (IKAR) has revised downward its forecast for the oil crops harvest in Russia this year to a maximum of 29 million metric tons, IKAR General Director Dmitry Rylko told TASS.

The institute previously expected the harvest to reach 30 million metric tons, slightly above figures of prior years. "We had to lower the oil crops forecast some time ago. Provisionally, the gross harvest of oil crops will be less than 29 million metric tons - tentatively, around 28.5 million metric tons," Rylko said.

About 9.8 million hectares of sunflower, 4.3 million hectares of soybeans, and 2.7 million hectares of rapeseed were sown for this year's yield. A record was set in terms of soybeans and rapeseed areas, with sowing covering 3.6 million hectares for soybeans and 2.1 million hectares for rapeseed. The expansion of areas under crops was intended to compensate for damage inflicted by adverse weather, particularly the heat in South Russia.

According to the Russian Agriculture Ministry, oil crops production is projected to increase by 46.4% by 2030 compared to 2021, reaching 36.378 million metric tons.

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