Ukraine increased the volume of soybean cultivation
If compared with previous marketing year the soybean harvest increased for 500 thousand tons – from 3,9 million tons to 4,3 million tons. This volume allowed Ukraine to become the 8th world’s largest producer of soybean. Though, such volumes are not as large as one may think. For example, Uruguay produces 1 million tons less of soybean than Ukraine while our output is 2,3 million tons less than that of Canada.
Increase in production is a global trend
The volume of cultivation of major oleic crops remains stable for many years already. Nevertheless, the situation with soybean is different – in course of last 60 years, its yield substantially decreased only four times due to the need of bringing the demand in accordance with a proposition. During last 4 years, the volume of soybean cultivation demonstrates particularly high growth dynamics – from 250 to 340 million tons.
Ukraine exports 67% of its soybean harvest
Ukraine is ranked 7th among the world’s largest soybean exporters and is far ahead of its closest competitors: for instance Russia produces 2,5 million tons less of soybean while India and EU – 2,7 million tons less. At the same time Uruguay which produces less, exports more.
Soybean is the key oleic crop of Ukrainian export
Export of soybean in 2016/17 marketing years is estimated at 1,13 billion USD. Key importers are Turkey (298 million USD), Egypt (277 million USD) and Iran (217 million USD).
Import, unlike export, is modest
Ukrainian import of soybean amounts to 5 thousand tons, while Top-10 countries-importers on average purchased 2-4 million tons of this crop. The largest importer in the world is China with 89 million tons of soybean imported during last marketing year.
1,9 million hectares are planted with soybean in Ukraine
The comparatively small scope of land planted with soybean can be explained by the fact that this crop is far more complicated to cultivate than wheat, sunflower, and corn.
The yield capacity is 1,5 times higher in Europe
In Europe, 1 hectare of arable land produces around 3-4 tons of soybeans while only 2 tons per hectare are collected in Ukraine. Nevertheless, during last 5 years, there is a trend for the increase of yield capacity.
Soybean is a very promising crop. It’s highly valued on the international market for a high concentration of protein and ability to substitute meat. The increase of world’s population provides for the increase in demand for cheap protein. Soybean is the perfect crop to satisfy this demand.
