Sunseed crop forecast for Ukraine in 2023/24 MY increased by 500 thsd tonnes

In November report, USDA experts raised the forecast of sunseed production in Ukraine in 2023/24 MY by 500 thsd tonnes to 14.5 mln tonnes, which is also significantly higher than the result of 2022/23 season (12.2 mln tonnes).

Amid the improved production prospects, the analysts also raised the forecast of the Ukrainian oilseed stocks in the current season to 595 thsd tonnes, up from 275 thsd tonnes in October, down significantly from 815 thsd tonnes in 2022/23 MY. The analysts forecast the sunseed processing volumes in Ukraine at 14 mln tonnes, which is in line with the previous month’s estimate and the result of 2022/23 MY, while the forecast of sunflower oil production in the country also remained unchanged – 6.02 mln tonnes.

In general, the forecast of the global sunseed harvest in 2023/24 MY was increased by 560 thsd tonnes to 56.98 mln tonnes, and the oilseed stocks – by 290 thsd tonnes to 4.1 mln tonnes. The global exports of sunflower seeds are expected to reach 3.09 mln tonnes in the season.

Tags: Ukraine, sunseed, crop forecast