Ukraine: S&D of oilseeds, vegoils and meals (August 2024)

2023/24 MY. Sunflower seed

– SFS exports remained lower than last season due to exports restrictions and licensing. In June and July SFS exports were the lowest in the 2023/24.

– SFO exports in June and July were also lower y/y, which was expected given the SFS supply shortage.

– SFO and meal exports in September 2023-July 2024 are 15% and 20% higher than last season.

– in July S&D of SFS domestic processing increased due to the revaluation of the sunflower seed harvest.

2023/24 MY. Soybeans

– The rate of monthly soybean exports during the season fluctuated, but in Sept-July total soy reached the level of last season, which is a record for Ukraine.

– Soybean oil exports is the second record, soybean meal is the highest in the last four years.

2024/25 MY. Oilseed market

Two key factors underline the changes in the balances for the new 2024/25 season:

• Redistribution of acreage – Soybean acreage increases at the expense of sunflower;
• Weather factor – July heat and drought significantly reduce yields of SFS and soybeans, winter rapeseed less affected.

Forecast of oilseed crop, July 2024:

• Sunflower seed – (-13% by 2023/24 MY);
• Soybeans – (+6%);
• Rapeseed – (-21%).