In 2024, the area under soybeans in Ukraine will be expanded by 10-15%, according to UkrAgroConsult, the information and analytical agency.
“During the 2023/24 marketing year (MY, July-2023 – June-2024), the price of soybeans on both domestic and export markets is quite steady, having recovered from the fall at the beginning of the season. In 2024/25 MY, Ukraine is guaranteed to receive a record soybean harvest, which cannot but put pressure on prices. Moreover, the soybean market is very sensitive to the trends in the global market not only for soybeans but also for its processed products and sunflower meal,” the analysts said.
In their opinion, even if the average yield is achieved, the soybean harvest in 2024/25 MY will reach the record level. This will allow potentially more than 60% of the crop to be exported.
In the current conditions, Ukraine’s favor is not only the demand of key buyers (EU countries, Turkey and Egypt), which will remain in the new season, but also their relative territorial proximity and the possibility of transportation outside the Red Sea, experts emphasized. At the same time, they reminded that the experience of the last two seasons clearly demonstrates the logistics, especially maritime logistics, for realizing the export potential.
“The absence of import bans by the EU countries and the functioning of a temporary sea corridor allows us to consider a rather optimistic scenario for the next season,” UkrAgroConsult predicts.
