1 May 2023

The April Ukrainian soybean export figure was the lowest since the beginning of the 2022/23 season.

According to preliminary data from the Ministry of Agriculture, Ukrainian soybean exports in April 2023 amounted to 167,000 tons, which is significantly less than the record high figure of March (417,000 tons).

Since the beginning of the season, Ukraine has exported about 2.5 million tons of soybeans, compared to last year's figure of 1 million tons.

The monthly dynamics of exports are shown in the graph below:

As a reminder the main reasons for the increase in Ukrainian exports are the increase of the total soybean harvest in 2022 to 3.7 million tons (which is the highest crop figure since 2017), as well as large carry-out stock of soybeans from the 2021 harvest.

According to our estimates, the total Ukrainian export of soybeans in the 2022/23 season may amount to about 2.8 million tons.

As for soybean oil, due to restrictions from European countries – importers of the oil, in April it decreased by 10kmt vs. March – to about 20kmt.