Ukraine significantly increased soybean exports

In June, the export of Ukrainian soybeans amounted to more than 210 thousand tons, which is lower than in May, but higher than in April. In total, since the beginning of the season, Ukraine exported about 3 mln tonnes of soybeans, compared to the last year’s figure of 1.1 mln tonnes.

The main reasons for the increase in Ukrainian exports are the increase in the total soybean harvest in 2022 to 3.7 mln tonnes (the highest since 2017), as well as large soybean stocks of 2021 harvest (about 1 mln tonnes). Turkey became the main buyer of Ukrainian soybeans in the current season, accounting for more than a third of all Ukrainian exports.

As for the logistics routes, only about 30% of the exports were made via the Black Sea ports, the rest – via alternative routes (primarily via the Danube ports).

Additionally, we note that the export of soybean oil in June amounted to 30 thsd tonnes, and since the beginning of the season – 243 thsd tonnes, which is equivalent to 1.25 mln tonnes of soybeans. According to our estimates, the soybean processing in the current season will amount to about 1.4 mln tonnes (1.3 mln tonnes in the previous two seasons).

In 2022, MHP, Astarta, and ATK Group were the largest soybean processors in Ukraine. In the current season, the profitability of soybean processing is the highest in the last decade.

Tags: soybean, Ukraine, export