Ukraine. The rise in the supply of 2023 soybeans is getting closer and closer. Forecast for 2023/24 and for up to 2025

UkrAgroConsult

Article author:

Svitlana Kupreeva

Oilseed Market Analyst

World soybean market, 2023/24 MY (USDA forecasts):

– in 2023/24,  the world soybean harvest is expected to grow to almost 403 M mt;

– harvest growth is expected in all the world’s top soybean producers, except the USA (-1.7% y/y);

– the largest crop growth is predicted in Brazil (+4%) and Argentina (+92%), which, together with the USA, are key players of the world market of soybeans, soy oil and meal;

Ukraine, Soy production, 2023, forecast of UkrAgroConsult:

Ukraine remains among the ten largest global soybean producers.

• sown area (+17% by 2022/23 MY)
• harvest (+12% y/y, a record).

– soy the EU countries remain the biggest importers, and in the next 2023/24 season the EU share in the total soy exports will likely even increase;

– Ukraine remains an attractive supplier for the EU, given its geographical proximity, despite the current logistical challenges that both sides are making every effort to aovercome

– higher margins further encourage farmers to expand oilseeds, including soybeans, areas at the expense of cereals area.

Full version of the article is available to subscribers of ‘BLACK SEA VEGOIL’ Weekly Report by UkrAgroConsult.

Request a free a sample report and apply for subscription here.

Be confident with your business and trade strategy based on professional analysis and forecasts of the Black Sea agri market.

Further development of grain and oilseed market in Ukraine and globally will be discussed at the International Conference ‘BLACK SEA GRAIN & OIL. THE WAY TO RECOVERY’ on September 14 in Kyiv. Join agribusiness professionals to discuss forecasts for the new 2023/24 season, prospects for investments, processing, logistics and exports for the recovery and development of Ukrainian agricultural sector.

Tags: soybean, USA, supply and demand balance, Argentina, crop forecast, Ukraine, Brazil, EU