Ukraine may increase soybean crops 19% in 2024 - experts

MOSCOW. March 14 (Interfax) - The production of oilseed crops in Ukraine in 2024 will increase due to the expansion of soybean sowing area by 19% compared to the area sown in 2023 and reach up to 2.3 million hectares, which will be a record for the industry, Ukrainian media reported, citing the APK-Inform information and analytical agency.

The previous high for this crop was 2.2 million ha in 2015.

The soybean production in Ukraine is also expected to reach record levels, which, according to preliminary estimates, may amount to six million tonnes, which is 17% higher than last year's figure.

The sunflower area is unlikely to change considerably. The sunflower crops in 2024 will amount to 5.8 million ha, which corresponds to the level of 2023. With favorable weather, the yield of this crop may reach 13.9 million tonnes (an increase of 1%), which is inferior to the figure of 2021, the agency's analysts said.

The sown area for rape in 2024 will shrink due to the dry fall of 2023, which caused a number of farmers to decide not to sow winter rape.

During the APK-Inform survey conducted among farmers, 51% of respondents said that winter rape crops are in good or excellent condition, while 43% are in satisfactory condition and 5% are in poor condition.

The spring rape area may also expand this year to a record high, given the price attractiveness of this crop, but the total sown area for winter and spring rape, according to APK-Inform's preliminary estimates, will fall 6%. Nevertheless, this figure will remain quite high compared to previous years, totaling around 1.4 million hectares. The rapeseed harvest may drop 9% to 4.2 million tonnes in 2024.