Ukrainian soybeans crushing stagnates despite record-high harvest

3 March 2017

According to Ukragroconsult total production of soybean oil in Ukraine in the beginning of current season has been below last year figures.

During September-December large and mid-sized crushers produced close to 50k tons of soybean oil, by 15.8% lower y-o-y, which indicates lower crushing volumes. On the other side we see record-high export of soybeans. More than 1.5M tons of soybeans have been exported during September-January, which is by 38% higher than in corresponding period of previous marketing year.

According to the analysts of Ukragroconsult main reason is decreased domestic demand due to lower poultry investories. On our opinion main reason is uncertain situation with export of soybean meal. Belarus, which has been main destination for Ukrainian soybean meal during last years (more than 50% of Ukrainian export in Y2015, moreover, it was the most marginal market), imposed significant restrictions for Ukrainian meal in a view of African swine fever outbreak in different regions of Ukraine.

As a reminder, in current season total soybeans harvest in Ukraine made record-high 4.3Mtons (with the yield over 2.3t/ha).

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