Ukraine. The new 2022/23 season forecast: soybean harvest to exceed 4 M t

UkrAgroConsult

Article author:

Svitlana Kupreeva

Oilseed Market Analyst

The 2022 soybeans harvested was 3.8 M t of (+8% y/y, UkrAgroConsult estimates). There was an increase in area with a decrease in productivity.

For Sept 2022-Febr 2023 (the first half of 2022/23 season), soybeans exports remained higher than last year. The January, 2023 exports even exceeded 400 K t, the record of monthly shipments in the 2022/23 season.

Total soybean exports for the six months of the current season amounted to about 1,945 thousand tons, the second largest total exports, twice as much as in the previous season.

Soybeans are shipped to the foreign markets thru the “grain corridor” mainly;

For Sept 2022-Febr 2023 (the first half of 2022/23 season), more than 70% of the soybean export potential was shipped to foreign markets.

For Sept 2022-Febr 2023 soybean oil and meal exports increased compared to the 6 months of the previous 2021/22 season, the shipments especially intensified for the last three months (December 2022-February 2023).

In the coming season oilseeds planted area is expected to expand, as the oilseeds are more profitable.

Soybean harvest estimate (UkrAgroConsult) – the harvest will increase by 10% compared to last year due to the expansion of the sowing area.

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Tags: Ukraine, UkrAgroConsult, soybean, crop forecast