USDA increases forecast of soybean crop in Ukraine to a record 6.8 mln tons

In the August WASDE, the forecast of soybean harvest in Ukraine increased by 1.3 mln tons to a record 6.8 mln tons. This was due to an increase in the planted area by 0.7 million hectares to a historic high of 2.9 million hectares.

Ukrstat’s estimate of the soybean acreage in Ukraine is 2.6 mln hectares.

The WASDE forecast for soybean yield in Ukraine remains at 2.35 t/ha.

Harvest estimates in other countries:

• India – increased by 0.6 million tons to 12.8 million tons,
• USA – increased by 4.2 mln tons to 124.9 mln tons due to larger area and yields that exceeded market expectations,
• Russia – increased by 0.7 million tons to 7.3 million tons.

In general, the forecast of the global soybean crop in 2024/25 MY increased by 6.9 mln tonnes to 428.7 mln tonnes.

Global exports increased by 1 million tons to 181.2 million tons. Export forecasts by countries:

• USA – increased by 0.7 million tons to 50.4 million tons “due to increased supply with stable processing”,
• Ukraine – increased by 0.8 million tons to 4.3 million tons,
• Russia – increased by 0.4 million tons to 1.3 million tons,
• Argentina – decreased by 1 million tons to 4.5 million tons.

World consumption of soybeans increased by 1.3 million tons to 402.8 million tons. The ending world stocks in 2024/25 MY increased by 6.5 million tons to 134.3 million tons.

Tags: Ukraine, Russia, soybean, USDA Report, USA, Argentina, crop forecast