10 June 2023

In total, since September 2022, Ukrainian companies have exported almost 2.8 million tons of soybeans.

According to preliminary data from the Ministry of Agrarian Policy, Ukrainian soybean exports in May 2023 amounted to 250,000 tons, which exceeded the April figure (167,000 tons).

Since the beginning of the season, Ukraine has exported about 2.8 million tons of soybeans, vs. last year's figure of 1 million tons.

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

In addition, we note that the export of soybean oil in May amounted to 28.5 thousand tons, since the beginning of the season - 213 thousand tons, which is equivalent to 1.1 million tons of soybeans.

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 figure since 2017), as well as large carryover stock of soybeans from the 2021 harvest.

According to our preliminary estimates, the total Ukrainian export of soybeans in the 2022/23 season should have amounted to about 2.8 million tons, currently we expect a significant decrease in exports in the following months before the start of the new season, but we raise the estimate of total exports in the season to 3 million tons.