USDA increased the forecast of sunflower oil exports from Ukraine

The U.S. Department of Agriculture (USDA) increased the forecast of soybean exports and reduced the estimate of sunflower supplies from Ukraine in 2023/24 MY.

This is stated in the March USDA report.

Thus, analysts expect Ukraine to export 3.1 mln tonnes of soybeans in the current season, which is 200 thsd tonnes more than in the last forecast in January. This is due to the increase in the pace of supplies to date. At the same time, the export of soybean meal is expected to reach 700 thsd tonnes (-200 thsd tonnes).

The supply of Ukrainian sunseed to foreign markets is forecast at 400 thsd tonnes. The decrease of 100 thsd tonnes compared to the January estimate is expected due to the growth of domestic processing.

At the same time, the USDA experts expect the production of sunflower oil to increase by 42 thsd tonnes to 6.1 mln tonnes, and sunflower meal – by 40 thsd tonnes to 5.865 mln tonnes.

The estimate of sunflower oil exports was also increased by 50 thsd tonnes to 5.75 mln tonnes.

Tags: crop forecast, Ukraine, sunflower oil, export, soybean, USDA Report, sunseed