USDA improves forecast for Ukrainian soybean exports, downgrades forecast for rapeseed

The U.S. Department of Agriculture (USDA) increased the forecast of sunflower production in Ukraine in 2023/24 MY.

This is evidenced by the report of the agency for November.

Thus, experts expect Ukraine to harvest 14.5 mln tonnes of sunflower seeds in the current season, up 0.5 mln tonnes from the previous forecast. Exports of the oilseed remained at the level of 500 thsd tonnes.

At the same time, the USDA increased the forecast of Ukrainian soybean exports to 2.7 mln tonnes (+0.2 mln tonnes). At the same time, the export estimate of rapeseed was reduced to 3.65 mln tonnes (-0.15 mln tonnes).

Also, the analysts did not change the previous estimates of production and export of sunflower oil – 6.02 mln tonnes and 5.6 mln tonnes respectively, as well as sunflower meal – 5.78 mln tonnes and 4.65 mln tonnes respectively.

Tags: USDA Report, rapeseed, crop forecast, Ukraine, soybean