March 3, 2024

In February 2024, Ukrainian soybean exports amounted to 323,000 tons, since the beginning of the 2023/24 season - more than 2.2 million tons.

According to preliminary data of customs statistics, in February 2024, Ukrainian soybean exports amounted to 323 thousand tons, which is almost the same as the volume in both previous month (305 thousand tons) and February 2023 (327 thousand tons).

Almost half of Ukrainian exports in the reporting month went to to Egypt, other importing countries with a relatively significant share of the exports are Turkey and the Netherlands.

In total, since the beginning of the 2023/24 season (September 2023), Ukrainian companies have exported more than 2.2 million tons of soybeans, compared to last year's figure of 1.9 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.

Regarding the export of soybean processing products, in February the export of soybean oil amounted to 29,000 tons (in January - 31,000 tons). 55% of the total volume went to Poland (as for agricultural products, for which Poland's share in the total Ukrainian export is high, we can note soybean oil and meal).

In total, in the first half of the 2023/24 season, Ukraine exported 168,000 tons of soybean oil (for comparison, in September-February of the 2022/23 season - 135,000 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.

In the current season, Ukrainian farmers harvested the largest soybean crop in the history of the country - 4.8 million tons. According to our expectations, 1.6-1.7 million tons of the crop can be processed, the rest - exported (about 3 million tons).

The main soybean crushers in Ukraine in the 2023/24 season remain unchanged compared to previous years - ATK group, MHP and Astarta.