Exports of soybeans from Ukraine in 2023/24 MR may reach a new maximum

12/02/2024 11:25

According to operational data, at the end of September-January 2023/24 of the MR, the export of soybeans from Ukraine reached almost 1.9 million tons, which was 17% higher than in the same period of the previous season and became the second largest export for the first 5 months of the entire season history (after the indicator of September-January 2019/20 MR – 2.1 million tons). This is reported by APC-Inform.

"The high rates of export are primarily explained by the attractive price of Ukrainian soybeans on the world market in comparison with raw materials of American origin during September-December of the current season, in combination with fairly high quality indicators," explained Svitlana Kyrychok, oil market analyst of IA "APK-Inform" .

The increase in exports was mainly due to Egypt, which increased the purchase of Ukrainian soybeans in the first 5 months of 2023/24 MY by more than 5 times - to a record 547 thousand tons. However, already in January, a decrease in shipments in this direction was observed, which was due to the formation of quite good stocks of this crop inside the country.

The territorial proximity of Ukraine to the key world importers of soybeans is also quite important in increasing supplies to foreign markets: the EU (32% - the share among buyers of Ukrainian soybeans in the 2023/24 season), Egypt (29%) and Turkey (29%).

"At the same time, the volume of soybean shipments to the European Union this season decreased by 25%, which is explained both by the more attractive Egyptian destination for Ukrainian exporters in terms of price, and by some increase in soybean production in Europe," added Ms. Svitlana.

In general, during the 2023/24 season, the export of soybeans from Ukraine may reach a new maximum for the industry - 3.2 million tons (+2% to the result of 2022/23 MR).

According to operational data, at the end of September-January 2023/24 of the MR, the export of soybeans from Ukraine reached almost 1.9 million tons, which was 17% higher than in the same period of the previous season and became the second largest export for the first 5 months of the entire season history (after the indicator of September-January 2019/20 MR – 2.1 million tons). This is reported by APC-Inform.
"The high rates of export are primarily explained by the attractive price of Ukrainian soybeans on the world market in comparison with raw materials of American origin during September-December of the current season, in combination with fairly high quality indicators," explained Svitlana Kyrychok, oil market analyst of IA "APK-Inform" .
The increase in exports was mainly due to Egypt, which increased the purchase of Ukrainian soybeans in the first 5 months of 2023/24 MY by more than 5 times - to a record 547 thousand tons. However, already in January, a decrease in shipments in this direction was observed, which was due to the formation of quite good stocks of this crop inside the country.
The territorial proximity of Ukraine to the key world importers of soybeans is also quite important in increasing supplies to foreign markets: the EU (32% - the share among buyers of Ukrainian soybeans in the 2023/24 season), Egypt (29%) and Turkey (29%).
"At the same time, the volume of soybean shipments to the European Union this season decreased by 25%, which is explained both by the more attractive Egyptian destination for Ukrainian exporters in terms of price, and by some increase in soybean production in Europe," added Ms. Svitlana.
In general, during the 2023/24 season, the export of soybeans from Ukraine may reach a new maximum for the industry - 3.2 million tons (+2% to the result of 2022/23 MR).
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