Ukraine. Results of the 2023/24 soybean season

UkrAgroConsult

Article author:

Svitlana Kupreeva

Oilseed Market Analyst

Planted areas – (+20% compared to MY 2022/23, distribution of oilseeds areas changed in favor of soybeans from 2022);

Record yield.

Record harvest.

– Soybean exports – (+4% compared to MY 2022/23);

– The export share of the soybean crop is 61% compared to 74% in MY 2022/23.

– After the war outbreak, the soybean market remains focused on European countries, in MY 2021/22 the EU for the first time from 2017/18 MY was the biggest  importer.

– Exports to Egypt and Turkey increased over the last two seasons, and in MY 2023/24, Egypt (32%) will overtake Turkey (22%) from the second position in the importers’ ranking.

Soybean oil exports

– Exports of soybean oil in 2023/24 was record high (+22% compared to MY 2022/23) with EU being the biggest importer (87%).

Soybean meal exports, 2023/24 – (+28% compared to MY 2022/23);

– The main importers are the EU countries (88%).

OUTLOOK FOR 2024/25 SEASON

Attractive price and increased farmers’ soy margin in 2023/24 leads to further expansion of areas in 2024 to a record. Even if the yield drops, the soybean 2024 harvest might be more than 6 M mt.

In 2024/25 downward prices pressure of the record crop is inevitable.

Farmers needed to decide whether to sell or store soybeans waiting for the best price.

Further development of the oilseed and vegoil sector in the Black Sea and Danube region will be discussed at the 10^th International Conference BLACK SEA OIL TRADE on October 15^th in Bucharest.

Join strategic discussions and networking with industry leaders and get a driving force for your business. 

Tags: Ukraine, export, soybean oil, soybean, drought, soybean meal, harvesting, crop forecast