Ukrainian soy: record harvest, active export

3 December 2023

Since the beginning of the new 2023/24 season, Ukrainian companies have exported more than 1.1 million tons of soybeans.

In November 2023, Ukrainian soybean exports amounted to 513,000 tons, which is the highest monthly volume in recent years.

For comparison, in the previous month, Ukraine exported 436 thousand tons of soybeans, in November 2022 - 384 thousand tons.

In total, since the beginning of the 2023/24 season (September 2023), Ukrainian companies have exported 1.15 million tons of soybeans, compared to last year's figure of 847,000 tons.

Ukrainian soybeans export November 2023

Currently, the export of Ukrainian soybeans is supported by the record harvest of this crop in 2023 at the level of 4.8 million tons (the previous one was set in 2018 at the level of 4.5 million tons, the harvest in 2022 made 3.7 million tons).

Even despite the relatively low soybeans stocks at the beginning of the new season, it can be predicted that in the 2023/24 marketing year, Ukrainian soybean exports will remain at a level close to the record level of the 2022/23 season - 3.1 million tons.

The main factor in the increase in the volume of soybean exports in the previous season was the high beginning soybean stocks due to the blocking of exports after the start of the full-scale Russian invasion of Ukraine in February 2022.

According to our estimates, the volume of soybean processing in the current season will be 1.5-1.6 million tons.

From the point of view of exports of soybean processing products, the season started quite good. Ukrainian export of soybean oil in November amounted to 31,000 tons compared to 29,000 tons in October and 16,500 tons in September.

During the 2022/23 season, Ukraine exported approximately 277,000 tons of soybean oil (an average of 23,000 tons per month), which is equivalent to 1.4-1.5 million tons of soybeans.

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