Since the start of MY2022/23 Ukraine exported 3M tons of soybeans

4 July 2023

In June 2023 Ukrainian soybeans export made more than 200k tons, which is lower than in May, but more than in April.

In tital since the beginning of the season, Ukraine has exported about 3 million tons of soybeans, vs. last year's figure of 1.1 million tons.

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

Ukrainian soybeans export June 2023

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 (about 1M tons).

Main buyer of Ukrainian soybeans in the season 2022/23 is Turkey, which accounts for more than one-third of Ukrainian export.

As for logistic routes, only 30% of soybeans was exported through deep see ports in frames of grains corridor, the rest - through Danube ports and Western border.

In addition we note that soybean oil export in June made 30kmt, since the beginning of the season - 243kmt (which is eqv. to about 1.25M of soybeans). According to our estimates, Ukrainian soybeans crush in MY2022/23 is to make 1.4M tons (in two previous seasons - 1.3M tons).

The biggest soybeans crushers in Y2022 were Astarta, MHP and ATK (AdampilSoya). In the current season crush margin in Ukraine is the biggest for the latest ten years.