Ukraine boosts soybean exports 17% in Sept-Jan

MOSCOW. Feb 8 (Interfax) - Ukraine exported almost 1.9 million tonnes of soybeans in the first five months of the 2023/2024 season (September 2023-August 2024), 17% more than a year earlier and the second highest figure ever for this period of the year, Ukrainian media reported, citing agriculture information and analytics agency APK-Inform.

"The fast pace of exports is due foremost to the attractive price for Ukrainian soybeans on the world market compared to product of American origin in September-December of this season," the report said.

The growth of exports was driven primarily by Egypt, which more than quintupled purchases of Ukrainian soybeans to a record 547,000 tonnes in this period. However, shipments to this market dropped in January given the formation of fairly substantial stockpiles in the country.

Ukraine's proximity to key soybean markets is an important factor in the growth of exports, the report said. Ukraine has exported 32% of its soybeans to the European Union, 29% to Egypt and 29% to Turkey so far this season.

"However, soybean shipments to the European Union decreased by 25% this season, which is due to both the more attractive Egyptian market for Ukrainian exporters in terms of price, and a moderate increase in soybean production in Europe," the report said.

APK-Inform forecast that Ukraine's soybean exports could increase by 2% year-on-year to a new high of 3.2 million tonnes in the current season.