August 8, 2012

Ukraine's soy exports may hit record volume both in product and money terms prompted by the deficit on the global market.

Soy has the potential to become a major oilseed crop export for Ukraine in 2012-13 marketing year (MY). This forecast was given by Rodion Rybczynski, head of business projects of analytical agency APK-Inform in the course of the round table "Oilseed crops in Ukraine in 2012".

"In the next season for the first time in the history of independent Ukraine soy exports could bypass rapeseed exports. At the end of the 2011-12 season, the export levels of these two oil crops from Ukraine were approximately the same, however in 2012-13 MY the difference in the export volume is expected to be about 600,000 tonnes (1,650 thousand tonnes vs. 1,050 thousand tonnes) in favour of soy. In the medium term, soy exports will only grow" the expert said.

He also noted that according to APK-Inform analysts, on the basis of 2012-13 MY, Ukraine will export approximately 3.47 million tonnes of oilseeds crops, which will be 29% higher than in 2011-12 MY.

By the end of this season, the volume of domestic oilseeds crop consumption in the country will be 10 million tonnes, a 3% drop on the previous season. APK-Inform analysts also forecast that in 2012-13 MY, Ukraine will reach record levels in terms of production and exports of sunflower oil - 3.7 million tonnes and 3.2 million tonnes, respectively, Rybchinsky added.

However there are other experts that say, in context of worsening weather conditions it is impossible to predict Ukraine's oilseed crop production or export level.