April 6, 2024

Ukrainian soybean exports in March became the smallest since September 2023

According to preliminary data from customs statistics, in March 2024, Ukrainian soybean exports amounted to 227,000 tons, which is 30% less than in the previous month and almost half as much as in March 2023 (417,000 tons).

In total, since the beginning of the 2023/24 season (September 2023), Ukrainian companies have exported 2.45 million tons of soybeans, which is still higher than the corresponding period of the previous marketing year (2.35 million tons).

As a reminder for 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 March the export of soybean oil amounted to 34,000 tons (higher than the previous two months). In total, in the first seven months of the 2023/24 season, Ukraine exported 202,000 tons of soybean oil (for comparison, in September-March of the 2022/23 season - 165,000 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 (which are unchanged compared to the previous month), 1.6-1.7 million tons of them 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.