Ukrainian experts forecast smaller oilseed harvest in 2024-2025 MY than last year

MOSCOW. April 15 (Interfax) - Ukraine's overall harvest of the main types of oilseeds is may stand at around 21 million tonnes in the 2024-2025 marketing year (MY), a 3.1% decline from this season's harvest of 21.68 million tonnes, Ukrainian media said, citing the APK-Inform information and analytical agency and the UkrOliyaProm association of Ukrainian oil producers.

Soya production is expected to increase 4.2% to 5 million tonnes in 2024 from 4.8 million tonnes in 2023, the figures show. Sunflower production, however, may drop 4.8%, or by 2.6 million tonnes, to 12 million tonnes this year.

Rapeseed output in Ukraine may also drop 4.8% to 4 million tonnes in the 2024-2025 MY from 4.28 million tonnes harvested in the 2023-2024 MY.

According to data from UkrOliyaProm, the previous season was favorable for producers of vegetable oils.

"Not only did the export of sunflower oil return to some pre-crisis levels, but it even outperformed them, indicating an increase in the processing of sunflower seeds at domestic enterprises and consequently a rise in the production of sunflower oil and sunflower meal. There was a significant increase in the export of sunflower oil and consequently its production in January-March 2024," the association said on its website.

The considerable decline in the export of sunflower seeds has prompted an increase in their processing inside Ukraine, spurring a growth of value-added product exports, it said.

Domestic enterprises processed 1 million tonnes of rapeseed for the first time in 2023, or 23.3% of Ukraine's total rapeseed harvest last year, UkrOliyaProm said, listing that among the achievements of the Ukrainian agricultural sector. The production of rapeseed oil hit an all-time high of 400,000 tonnes, and it was exported to the markets of China, European Union countries, Malaysia, Singapore, etc.

Rapeseed meal production demonstrated positive dynamics as well. The export of soybean oil and rapeseed meal oil continued to grow especially in January-March 2024, so did their production and processing, the association said.