Ukraine: Soybean production next year will not decrease only in western regions

Published 2024년 12월 27일

Tridge summary

Next year, farmers in the eastern, southern, and partly central regions are expected to reduce the cultivation of soybeans due to overproduction this year. The decrease in soybean crops is attributed to the record harvest this season and the high global supply of soybean oil, making it the cheapest oil on the market. This is further expected to be exacerbated by increased production in South America, especially Brazil, and expanded cultivation areas in Argentina.

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Original content

Next year, farmers will partially abandon soybeans due to its overproduction this year, says Igor Maliborsky, deputy director of DEFENDA LNZ Group. According to him, soybean crops will decrease at the expense of the eastern, southern and partly central regions. In the western regions, the area will not change. “The record soybean harvest this season and the high supply of soybean oil on the global market are holding back the growth of prices for this oilseed. Soybean oil is currently the cheapest oil on the world market. Even cheaper than palm oil. I believe that next year will be even more difficult for soybeans, because we expect an increase in production in South America, in particular in Brazil, by 16-20 million tons, as ...

Source: Elevatorist