Ukraine exports record of 675,000 tonnes of soybeans in Oct 2024 - analysts

MOSCOW. Nov 6 (Interfax) - Ukraine exported a record monthly amount of soybeans, 675,000 tonnes, in October 2024, which is nearly three times as much as it did in September 2024 and 20% more than the previous monthly maximum of 561,500 tonnes seen in October 2019, Ukrainian media reported with reference to the APK-Inform agricultural news and analytical agency.

"The significant growth in soybean shipments since the start of the 2024/25 season has been prompted by a number of factors, particularly growing demand on the part of key importers, the EU and Turkey, combined with a price decline in July and August," it said.

That said, many exporters hurried to ship soybeans in expectation of a decline in trade following the introduction of minimum export prices for certain commodities, including soybeans. The APK-Inform referred to the Agrarian Policy and Food Ministry's statement saying that the legislation setting minimum prices for agricultural exports would take effect no later than December 10, 2024.

Ukraine has exported 918,000 tonnes of soybeans in the 2024/25 marketing year, which is 44% more than in the same period in the past season, with 47% of this amount shipped to EU countries (54% more than in the 2023/24 marketing year). In addition, Ukraine also increased soybean exports to Turkey by 10%.

Shipments of Ukrainian soybeans to Pakistan also considerably increased in September and October, bringing the country's share in overall exports to 12%. APK-Inform referred to Pakistan as a relatively new export destination for Ukrainian soybeans opened in May 2024.