Rising soybean exports from Ukraine cause no drastic change in the market situation

18.02.2019

In January 2019, Ukraine exported 310.6 KMT of soybeans against 277.6 KMT in the previous month and 421.9 KMT in January 2018. Although foreign trade revived in the reporting month, overall soybean exports in September-January 2018/19 were down 38.2% from the five-year average. As a reminder, the change in terms for oilseed export VAT refunds caused a substantial drop in soybean exports, reports UkrAgroConsult.

The range of export destinations for Ukrainian soybean shipments has been stable over the past five months. More than half the total volume of exports was absorbed by Turley (54%). Belarus absorbed 19%, while the EU was just the third biggest buyer with an export share of 14%. As a reminder, the EU has switched to soybeans of American origin. Belarus, on the contrary, steps up raw material imports in order to keep its crushing capacities operational. However, the top importers changed compared to last season: Iran stopped buying Ukrainian soybeans at all, while Egypt reduced purchases almost tenfold.

Detailed analysis of the latest trends in oilseeds/vegoils/meals exports, palm oil imports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting/harvesting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Vegoils" by UkrAgroConsult.

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