In October 2023, Ukraine achieved a record monthly export volume of soybeans, reaching 675,000 tons. This figure is nearly three times higher than September's exports and marks a 20% increase over the previous maximum of 561,500 tons recorded in October 2019.
According to APK-Inform, this significant rise in soybean shipments since the beginning of the 2024/25 season can be attributed to several factors, including heightened demand from leading importers such as the European Union and Turkey, coinciding with a decrease in soybean prices during July and August 2024.
Additionally, many exporters were keen to expedite shipments, anticipating a downturn in trade due to the implementation of a minimum pricing mechanism for the export of certain goods, including soybeans. The Ministry of Agrarian Policy indicated that the law regulating minimum export prices for agricultural products will come into effect no later than December 10, 2023.
Since the start of the 2024/25 marketing year, Ukraine has exported a total of 918,000 tons of soybeans, which is 44% higher than the same period in the previous season. Almost half of the total exports, 47%, were directed to EU countries, marking a 54% increase in shipments to this region. There has also been a 10% increase in soybean deliveries to Turkey.
Furthermore, the pace of shipments to Pakistan significantly increased in September and October, raising the country's share in total exports to 12%. This represents a relatively new export direction for Ukrainian soybeans, which was opened in May 2024.
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