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Ukraine Soybean Exports Forecast at Record in 2024/25
12.08.2024 20:04 "Agro Perspectiva" (Kyiv) —
According to the report of the USDA Oilseeds: World Markets and Trade (August 2024), This month, USDA raised 2024/25 Ukraine soybean exports to 4.3 million tons on expectations of higher production. This would mark the third consecutive year of record exports and the second consecutive year of record production. From 2018/19 to 2022/23, Ukraine soybean production averaged around 4.0 million tons. Since, farmers have been dedicating more area to soybeans, which have been more profitable than other crops, resulting in 5.2 million tons produced in 2023/24 and 6.8 million tons expected in 2024/25. Over half of Ukraine’s soybeans are typically exported, and the share has been growing in recent years as more soybeans ship to regional markets rather than are processed domestically. In 2022/23, Ukraine soybean exports ticked upward, more than doubling to 3.1 million. Ukraine became the sixth largest global exporter of soybeans, a position which it is expected to maintain in 2023/24. During this period, Ukraine became a top supplier to Egypt, which relied on low-price Ukrainian soybeans to satisfy its feed demand. Exports to the European Union also grew significantly, more than doubling to record levels in 2022/23 and continuing to show strength in 2023/24. Turkey, a longstanding destination for Ukrainian soybeans, also saw significant growth in 2022/23. AGRO PERSPECTIVA offers Agro + “Ukrainian Grain & Oilseed Market” weekly analytical bulletin. Concerning subscription please contact: client@agroperspectiva.com or +380675964652 (WhatsApp, Viber, Telegram).
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