Ukraine can export a record amount of soybeans this season.

According to the results of the September-January 2023/24 marketing year, the export of soybeans from Ukraine reached almost 1.9 million tons, which was 17% higher than in the same period of the previous season and became the second largest exported amount in the first five months of a season in history.

The territorial proximity of Ukraine to the critical world importers of soybeans is quite important when increasing supplies to foreign markets: the EU (32% share among buyers of Ukrainian soybeans in the 2023/24 season), Egypt (29%) and Turkey (29%). For example, Egypt increased its purchase of Ukrainian soybeans by more than 400% to a record 547,000 tons, while soybean shipments to the EU this season decreased by 25%.

In general, during the 2023/24 season, the export of soybeans from Ukraine may reach a new maximum for the industry – 3.2 million tons (+2% to the result of 2022/23).

At the same time, supply pressure has led to a $10 per ton decrease in world soybean prices.