Ukraine exports 23% more sunflower meal in 9M - analysts

MOSCOW. June 14 (Interfax) - Ukraine exported almost 3.8 million tonnes of sunflower meal in the first nine months of the current agricultural year (September 2023 to August 2024), which was 23% more than in the same period last season.

This was the highest figure for September-May in four years, Ukrainian media reported, citing information and analytics agency APK-Inform.

The European Union remained the biggest importer of Ukrainian meal with 45% of total exports, up from 39% in the previous season. Meal exports to the EU jumped 41% in September-May 2023/2024, while exports to China fell 12%, the agency said.

The EU has approved a protective duty on imports of most grains, vegetable oil and processed products of Russian and Belarusian origin as of July 1. In the oil sector, this could have the biggest impact on the meal market, as exports of Russian meal to the EU were significant and redirecting them to other markets will be fairly difficult, the agency said. But given the geographical proximity to the world's largest market, Asian, some exports could be redirected there, particularly China, it said.

Competition is expected to intensify on the Chinese market in the new season, which could lead to Ukrainian sunflower meal losing further market share there to Russian meal, the agency said. However, this situation could have a positive impact on the amount of Ukrainian meal exports to Europe.