Record export of Ukrainian soybeans in January 2023

January brought a record level of export of Ukrainian soybeans. 406 thousand tons of soybeans were exported by Ukrainian companies, which is the highest monthly export in recent years. Compared to the previous month, the export of soybeans increased by 50,000 tons, and compared to January last year, it doubled. In January 2022, Ukrainian soybean exports amounted to only 135,000 tons. Total soybean exports have increased significantly since November 2022. The main reason for the increase in soybean exports is the increase in the total harvest to 3.7 million tons in 2022, which is the highest figure since 2017.

We will remind that in 2022, Ukraine unloaded almost 2 million tons of soybeans, which is comparable to last year's figure, but exceeds it by 80%. It is also recalled that due to the high price per 1 toe of soybeans compared to grain crops, logistics costs per 1 toe of soybeans are lower than for crops such as corn or wheat.

Estimates say that the export potential of soybeans in the 2022/23 season is about 2 million tons, and another 1.6-1.7 million tons will be processed. Active soybean exports early in the season will reduce the supply of soybeans for processing in later months, which will reduce processing margins in the second half of the season.

Currently, the export of soybean oil continues to be quite stable - in January its volume was 24 thousand tons, which corresponds to the indicator of the previous month. The average monthly export of soybean oil in 2022 in Ukraine was at the level of about 20,000 tons.