Ukraine continues to increase soybean exports and processing

In 2023, Ukraine collected a record 4.8 million tons of soybeans, which significantly exceeded the 3.7 million tons collected last year. The previous record of 4.5 million tons was set in 2018.

The export of soybeans in November 2023 increased compared to October from 436 to 513 thousand tons (384 thousand tons in November 2022), which is the largest monthly export figure in recent years. Starting from September, domestic companies exported 1.15 million tons of soybeans, while last year at this time, soybean exports amounted to 847,000 tons.

The export of soybean processing products is no less active. Thus, the export of soybean oil increased from 16,500 tons in September and 29,000 tons in October to 31,000 tons in November. We will remind that in 2022/23 MR, the export of soybean oil amounted to 227 thousand tons (an average of 23 thousand tons every month), for the production of which 1.4-1.5 million tons of soybeans were needed.

According to APC-Inform, soybean processing in Ukraine in November reached the highest figure since April 2020 - 184 thousand tons, which exceeded the volume of processing in October by 17% and in November 2022 by 43%. The reason for the increase in processing was the high demand for soybean meal on the world market, although factories experience difficulties in purchasing raw materials due to strong competition with exporters.

So, in the 3 months of 2023/24 MR, the export of soybean meal increased compared to the same period of the previous season by 45% to 160 thousand tons, which became the highest indicator for this period in the last 4 years. Almost 58% of the indicated volume was imported by Poland and 24% by Hungary.

Prices for Ukrainian soybeans halted growth at $440/t delivered to the port and UAH 17,000-17,500/t delivered to the factory under pressure from increased soybean and meal supplies from South America, where prices are falling amid improving weather conditions.