May 7, 2012

Ukraine's 2012 soy harvest seen at 2.5 million tonnes
 

A soy harvest of 2.5 million tonnes for 2012 has been forecasted by the Ukrainian Agrarian Business Club (UABC), the association announced this in a statement.

"Soys are expected to be planted on 1.4 million hectares, which is 23% more than last year. This may allow a record harvest of this crop - 2.5 million tonnes," the association said in the statement.

According to Taras Hahaliuk, an expert with the association, the planting of soy is attractive because it is possible for farmers to use their own seeds, as a result of which expenditures are low, price risks are quite low, and profitability is relatively high.

He pointed out that soy is one of the oilseeds with the highest export potential, considering the situation on the world market and the increasing demand every year.

As Ukrainian News earlier reported, agricultural enterprises had planted 56,000 hectares of soy or 4% of the forecast as of April 23. The Ministry of Agrarian Policy and Food is forecasting that the area planted with soy for the 2012 harvest will increase by 227,000 hectares or 20.2% to 1.35 million hectares compared with the area planted for the 2011.