New trends of oilseeds market in 2024/25. Forecast

UkrAgroConsult

Article author:

Julia Garkavenko

Head of Analytical Department, UkrAgroConsult

Based on reports of the 21st International Conference BLACK SEA GRAIN. KYIV.

Rapeseed. The 2023 Ukrainian rapeseed production was unprecedentedly. The export of rapeseed and its processing also reached a record.

In 2024, UkrAgroConsult expects a slight decrease in rapeseed area (-6%) and production (-10%), but the numbers are still record high.

EU demand for rapeseed from the 2024 harvest is growing. Demand from local crushers has also increased, which is quite unusual for the rapeseed market, so high crush rates are expected.

Soybeans. After a significant decline, a new soybean boom has begun in Ukraine. Soybeans are a new high margin crop for Ukrainian farmers.

UkrAgroConsult forecast of 2024 soybean market

• an increase in soy area in 2024, mainly at the expense of corn;
• soybeans have started to compete with SFS for acreage, which is a very new trend for Ukraine;
• an increase in soy crushing, as the available specialized soybean industry in Ukraine is able to crush the entire soybean crop.

Sunflower. UkrAgroConsult forecasts a gradual recovery in acreage after a sharp decline due to the war.  For the 2024 harvest, UkrAgroConsult expects an increase in area, mainly at the expense of wheat.

UkrAgroConsult expects a further decrease in SFS exports and an increase in SFO exports.

Full version of the article is available to subscribers of the Weekly  ‘BLACK SEA & DANUBE OILSEED REPORT’ by UkrAgroConsult.

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Tags: rapeseed, edible oils, sown area, crop forecast, BLACK SEA GRAIN.KYIV - 2024, Ukraine, export, soybean, oilseeds, sunseed