15 Feb 2023 09:52

Ukraine ramps up soybean exports - grain exchange

MOSCOW. Feb 15 (Interfax) - Ukrainian companies exported 406,000 tonnes of soybeans in January 2023, the highest monthly figure in years, three times more than the 135,000 tonnes exported a year earlier and 50,000 tonnes more than in the previous month, Ukrainian media reported, citing a statement on the website of Ukraine's electronic grain exchange, GrainTrade.

The main reason for the increase in soybean exports was the growth of the harvest to 3.7 million tonnes in 2022, the highest figure since 2017, the statement said.

Ukraine exported almost 2 million tonnes of soybeans in 2022, with exports particularly accelerating in November and December.

Thanks to the high price of soybeans compared to grains such as corn and wheat, logistics costs per tonne of soybeans are lower, the exchange said.

Estimates indicate that soybean export potential in the 2022/2023 season totals about 2 million tonnes, and another 1.6 million-1.7 million tonnes will be processed, the exchange said. Strong exports at the start of the season will reduce supply for processing in subsequent months, which will narrow processing margins in the second half of the season, it added.

Ukrainian soybean oil exports remain fairly steady at 24,000 tonnes in January, the same as in the previous month, the exchange said. Soybean oil exports averaged about 20,000 tonnes per month in 2022.