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.

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