Posted on January, 31, 2025 at 09:52 am
According to the latest report of the International Grains Council (IGC), Ukraine continues to increase soybean production despite the war, which has been going on for three years. The situation is the same in Russia. Over the past ten years, soybean production in these countries has doubled.
Experts note that one of the key factors of this growth is the increased local demand for soybean products, as well as the economic advantages of this crop compared to others.
Although the share of the Black Sea region countries in the global soybean market remains relatively small, it is forecasted that the total soybean harvest in the region in 2024/2025 season will reach 13.1 mln tons, which is 10% more than in the previous year. The increase in yields is mainly due to the expansion of the area under this crop.
Despite the challenging conditions caused by the war, Ukraine retains its position as the largest exporter of soybeans in the CIS. In the 2024/2025 season, Ukrainian soybean exports are expected to reach a record 3.7 mln tons.
The main buyers of Ukrainian soybeans are the EU countries, Turkey, and African markets, including Egypt. In the 2023/2024 season, supplies to Egypt exceeded 1 mln tonnes, which was a historic high. The total soybean production in Ukraine is forecasted at 6.1 mln tonnes, up 18% compared to the previous season.
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Source: Grain Journal