Turkey became the top buyer of Ukrainian soybeans

28.11.2018

As UkrAgroConsult expected, the change in the oilseed export VAT refund terms brought about a significant slowdown in soybean exports. Despite the October surge in foreign sales, overall soybean exports in MY 2018/19 (September-October) plummeted almost by half, to a five-year low, report UkrAgroConsult’s analysts.

128.6 KMT of soybeans were shipped abroad from Ukraine in October 2018 against 11.1 KMT in the previous month and 245.8 KMT in October 2017.

The global market situation has caused the EU – traditionally the biggest importer of Ukrainian soybeans – to switch to the American commodity. As a result, Turkey became the top buyer of soybeans from Ukraine: the Turkish export share increased by 13.5%. In its pursuit to keep own crushers operating, Belarus has imported 50% more soybeans from Ukraine in MY 2018/19 than a year ago. At the same time, soybean shipments to Iran have stopped.

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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