In October 2024, Ukraine exported the record monthly volume of soybeans – 675 thsd tonnes, up almost three times compared to September and 20% compared to the previous high of 561.5 thsd tonnes in October 2019, APK-Inform news agency reported.
“The significant increase in soybean shipments since the beginning of the season-2024/25 is due to a number of factors, in particular, the growing demand for the Ukrainian crop from the key importers – the EU and Turkey – amid the decline in its price in July-August,” the analysts said.
At the same time, many exporters were in a hurry to ship, expecting a reduction in trade after the introduction of the minimum price mechanism for exports of certain types of goods, in particular soybeans. As experts reminded, the Ministry of Agrarian Policy of Ukraine noted that the law regulating minimum prices for agricultural exports will come into force no later than December 10, 2024.
According to them, Ukraine has already exported 918 thsd tonnes of soybeans since the beginning of 2024-2025 marketing year, which is 44% higher than in the same period of the previous season. The EU countries accounted for almost half of the total exports (47%). The growth in this direction is estimated at 54%. Ukrainian soybean supplies to Turkey increased by 10%.
In addition, shipments to Pakistan increased significantly in September-October, bringing the country’s share to 12% of total exports.
This is a relatively new export destination for Ukrainian soybeans, opened in May 2024, APK-Inform stated.
