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Ukraine in 2021/22 cuts soybean exports by only 5% amid war – GrainTrade
KYIV. Sept 22 (Interfax-Ukraine) – Ukraine in the past 2021/2022 marketing year (July-June) exported 1.39 million tonnes of soybeans, which is only 5% lower than in 2020/21, according to the GrainTrade electronic grain exchange website on Thursday.
At the same time, after the start of Russian military aggression in Ukraine, soybeans became the only oilseed crop whose average monthly export rates increased – in March-August 2022, soybean exports amounted to 507,000 tonnes, which is 65% more than in March-August 2021. This is due to the high unit cost of one ton of soybeans, which made it profitable to export it amid a logistical collapse that arose with the start of the war and the Russian blockade of Ukrainian seaports.
The main importers of Ukrainian soybeans in 2021/22 were the EU countries and Turkey. At the same time, in March-August 2022, the EU increased imports of Ukrainian soybeans by 76%, and in general for the season by 36%, while Turkey at the beginning of the year reduced purchases and started them again in early May 2022.
According to the exchange, in 2021/22, 536,000 tonnes of soybeans (39% of its total exports) were shipped from Ukraine to Turkey, which is 2% less than in 2020/21. At the same time, in March-August 2022, soybean exports from Ukraine to Turkey tripled compared to the same period in 2020/21.
