High soybeans crop in Ukraine stimulates its export

12 November 2023

In October 2023 Ukrainian soybeans export made 436kmt, which was the highest figure for the last years.

According to customs statistics, in October 2023, Ukrainian soybean exports amounted to 436,000 tons, which significantly exceeds both the previous month (200,000 tons) and October 2022 (214,000 tons).

The value of soybean exports in October is the highest export value for one month in recent years:

Ukrainian soybeans export October 2023

As a reminder in the 2022/23 marketing year, Ukraine exported 3.1 million tons of soybeans vs. 1.4 million tons in the previous season.

In the new season 2023/24, the sown area of soybeans in Ukraine comprised 1.8 million hectares. As of November 2, soybeans were harvested from 97.5% of the forecasted areas, the average yield was 2.63 t/ha, more than 4.6 million tons of soybeans were harvested. For comparison, in 2022, 3.7 million tons of soybeans were harvested from an area of 1.5 million hectares. This year's soybean yield is close to the record figures for the entire history of Ukraine (more about the historical yields of main crops in Ukraine - here). The high yield, as well as the fact that soybeans are currently one of the most profitable crop for Ukrainian farmers, contribute to the active export of crops.

At the same time, we should also note that soybean processing and export of its products remain at a relatively stable level. Soybean oil exports in October amounted to 29,000 tons, compared to 16,500 tons in September and 12,000 tons in August. During the 2022/23 season, Ukraine exported approximately 277,000 tons of soybean oil (an average of 19,000 tons per month), which is equivalent to 1.4-1.5 million tons of soybeans processed.

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