Ukroliyaprom improves forecast for sunflower oil production in Ukraine this agricultural year by 20%

MOSCOW. Oct 26 (Interfax) - Ukrainian oil extraction enterprises will be able to process 15.6 million tonnes of oilseeds in the 2023/2024 agricultural year, including 13.5 million tonnes of sunflowers, 1.5 million tonnes of soybeans and 600,000 tonnes of rapeseed, Ukrainian media reported citing forecast data from the Ukroliyaprom industry association.

Sunflower oil production is expected to reach 6 million tonnes, soybean oil is forecast at 0.3 million tonnes, and rapeseed oil at 0.25 million tonnes. Ukroliyaprom previously expected that up to 5 million tonnes of sunflower oil could be produced in Ukraine in the 2023/2024 season. Thus, the association improved its forecast for sunflower oil production by 20%.

As reported on the APK-Inform website, sunflower production in 2023 is projected at 14 million tonnes, rapeseed will reach 4.1 million tonnes, and soybeans 4.7 million tonnes according to Stepan Kapshuk, General Director of Ukroliyaprom.

Currently sunflower processing capacity in Ukraine is about 18 million tonnes, while rapeseed and soybean processing capacity is 2 million tonnes, he said.

Kapshuk noted that over 25 years, Ukraine has increased its total oilseed processing capacity 9.2-fold from 2.6 million to 24 million tonnes. During this period, 70 processing enterprises were constructed, including 40 large ones, as well as 16 terminals for the transshipment of vegetable oil. Investments worth more than $4 billion have come into the industry.

Previously, the association reported that in the 2022/2023 agricultural year (September-August), Ukraine increased production and export of sunflower oil 25.4% compared to the previous season, without providing absolute figures.

The adjusted Ministry of Agrarian Policy forecast shows that, in 2023, farmers will be able to harvest 79.1 million tonnes of grains and oilseeds. Gross oilseed production will reach 21.6 million tonnes. Sunflower will total 13 million tonnes; rapeseed will reach 4 million tonnes and soybeans 4.6 million tonnes.