February 3, 2024

Since the beginning of the 2023/24 season, Ukrainian companies have exported 1.9 million tons of soybeans - 18% more than a year ago.

According to preliminary data of customs statistics, in January 2024, Ukrainian soybean exports amounted to 305 thousand tons, which is lower vs. both the previous month (436 thousand tons) and January 2023 (406 thousand tons).

In total, since the beginning of the 2023/24 season (September 2023), Ukrainian companies have exported 1.9 million tons of soybeans, compared to last year's figure of 1.6 million tons.

As a reminder, in the calendar year 2023, Ukrainian soybean exports amounted to 3.5 million tons, compared to 2 million tons in 2022 and only 1.1 million tons in 2021.

The main reason of the growth of exports in the season 2023/24 is the record harvest of this crop in 2023 at the level of 4.8 million tons.

According to our estimates, the volume of soybean processing in the current season will be 1.5-1.6 million tons.

From the point of view of exports of soybean crush products, the season started quite well. The export of soybean oil in January amounted to 31 thousand tons, for the first five months of the new season - 139 thousand tons (for comparison, for September-January of the 2022/23 season - 110 thousand tons). In general, during the 2022/23 season, Ukraine exported approximately 277,000 tons of soybean oil (an average of 23,000 tons per month), which is equivalent to 1.4-1.5 million tons of soybeans.

Our recent overview of the Ukrainian soybean market can be found at the link.