In January Ukraine exported 390k tons of sunoil

3 February 2023

Basing on preliminary data of Ukrainian Ministry of Agriculture total sunflower oil export value in January made $425M.

Since the start of grains corridors operations in August average monthly Ukrainian sunoil export makes about 450k tons, two times higher vs. April-July period (when Ukrainian ports have been closed).

In Y2022 Ukrainian sunflower oil export made 4.3M tons for $5.5bln (in Y2021 - 5.1M tons for $6.4 bln).

In line with our expectations sunflower seeds export has been reducing.

In January it decreased by 100k m-o-m and made 194k tons. We also note that in November it was at more than 400k tons. In total since the beginning of the season 2022/23 Ukrainian companies exported about 1.3M tons of sunseeds (eqv. to 570k tons of sunoil).

Total Y2022 sunflower seeds harvest in Ukraine according to official sources made 10.5M tons, which is the lowest figure for the several latest years.

We expect that sunflower seeds export from Ukraine will continue to decrease along with exporters origination margin and crushing margins of sunoil producers. Competition between producers for sunseeds is expected to significantly increase.

Ukrainian sunflower oil export January 2023

In January Ukrainian rapeseeds export comprised 190k tons (total rapeseeds harvest in Ukraine in Y2022 made 3.1M tons it is almost fully exported now).

Soybeans export in reporting month made 406k tons vs. 356k tons in December.