According to updated data, the export of soybeans from Ukraine in the 2023/24 season reached a record level, amounting to about 3.26 million tons. This exceeded the previous maximum of 2022/23 marketing year (3.1 million tons) by 5%.

The increase in shipments was achieved thanks to several factors, the main ones of which are a significant increase in the harvest of this crop in 2023 and the competitive price of Ukrainian soybeans on the world market, in particular in the first half of 2023/24 marketing year. So, for September-February last season, almost 70% of the total export of soybeans from the country was shipped. The increase in exports occurred mainly at the expense of Egypt (2,1 times more), while shipments to the EU and Türkiye reduced by 22% and 26%, respectively.

In the new 2024/25 season, Ukraine has a chance to break the soybean export record given the forecast increase in the yield of this crop to about 6 million tons (+10% by 2023). However, given the expected increase in global production of this crop, it will be more difficult to compete on price in the new season, especially in destinations such as Egypt and Türkiye. Thus, according to the results of the 2023/24 season, demand prices for Ukrainian soybeans decreased by an average of 120 USD/t in accordance with the dynamics of the world market and due to increased competition. If we compare the price levels at the end of August, this year Ukrainian soybeans of the new crop are offered to Egypt at a price of 427 USD/t CIF, while last year in the same period the offer prices on the same basis reached 545-550 USD/t . The export of soybeans from Ukraine in 2024/25 marketing year will amount to about 3.5 million tons (+7% by 2023/24).

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