September 7, 2011

Ukraine's soy exports to exceed one million tonnes

Ukraine will export more than one million tonnes of soy in 2011/12 due to bigger soy crop, according to Oil World analysts on Tuesday (Sep 6).

This will be the first time Ukraine's soy exports have exceeded the one million tonne level.

"Ukraine substantially boosted production of soy from only 64,000 tonnes in the year 2000 to 613,000 tonnes in 2005 and 1.75 million tonnes in 2010," Oil World said. "A further increase to 1.9 million tonnes is expected for 2011."

"Most of that will be exported as soy but domestic consumption of soyoil and soymeal is growing significantly."

Ukraine's Sep 2011/Aug 2012 soy exports are forecast by Oil World to rise to 1.05 million tonnes from 995,000 tonnes in 2010/11 and only 263,000 tonnes in 2009/10.

Ukraine's major soy customers in 2010/11 included the EU with 360,000 tonnes and Iran with 220,000 tonnes, Oil World said.