In July 2023, Ukraine significantly reduced soybean exports

6 August 2023

In July, the export of Ukrainian soybeans amounted to 77,000 tons, which is significantly less than in June (214,000 tons).

Since the beginning of the season, Ukraine has exported more than 3 million tons of soybeans, compared to last year's figure of 1.2 million tons.

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

Ukrainian soybeans export July 2023

The main buyer of Ukrainian soybeans in the current season was Turkey, which accounts for more than a third of all Ukrainian exports. In July, about half of Ukrainian soybeans were exported to Egypt, while Turkey reduced the volume of import.

We should also note that the export of soybean oil in July also decreased compared to June (-8 thousand tons) and amounted to 22 thousand tons. In total, since the beginning of the season, Ukraine has exported 265,000 tons of soybean oil, which is equivalent to 1.4 million tons of soybeans. According to our estimates, soybean processing in the current season will amount to about 1.4-1.5 million tons (in the two previous seasons - 1.3 million tons).

In 2022, the largest soybean processors in Ukraine were MHP, Astarta and the ATK group. These companies were also the largest exporters of soybean oil in the 2022/23 season.

Among the largest exporters of soybean meal (since the beginning of the current season, its export amounted to about 520 thousand tons), in addition to the above-mentioned companies, there are Korolovskiy Smak group (Victor and Co.), Protein-Invest (crushing plant owned by the owners of the Nemiroff group), as well as Falcon-Agro (Protein Production).

Our recent overview of the Ukrainian soybean market can be found at the link.