Ukraine. Results of the 2023/24 soybean season

Planted areas – (+20% compared to MY 2022/23, distribution of oilseeds areas changed in favor of soybeans from 2022);

Record yield.

Record harvest.

– Soybean exports – (+4% compared to MY 2022/23);

– The export share of the soybean crop is 61% compared to 74% in MY 2022/23.

– After the war outbreak, the soybean market remains focused on European countries, in MY 2021/22 the EU for the first time from 2017/18 MY was the biggest  importer.

– Exports to Egypt and Turkey increased over the last two seasons, and in MY 2023/24, Egypt (32%) will overtake Turkey (22%) from the second position in the importers’ ranking.

Soybean oil exports

– Exports of soybean oil in 2023/24 was record high (+22% compared to MY 2022/23) with EU being the biggest importer (87%).

Soybean meal exports, 2023/24 – (+28% compared to MY 2022/23);

– The main importers are the EU countries (88%).

OUTLOOK FOR 2024/25 SEASON

Attractive price and increased farmers’ soy margin in 2023/24 leads to further expansion of areas in 2024 to a record. Even if the yield drops, the soybean 2024 harvest might be more than 6 M mt.

In 2024/25 downward prices pressure of the record crop is inevitable.

Farmers needed to decide whether to sell or store soybeans waiting for the best price.