Despite the ongoing drought, Ukraine's soybean harvest could be record-breaking this year. ASAP Agri analysts have just raised their forecasts and estimate the harvest at 5.7 million tons, Latifundist reports.
ASAP Agri explained in the report that the soybean harvest in 2024 could be record-breaking due to the increase in the area of crops. According to the State Statistics Service of Ukraine, soybeans were sown on 2.63 million hectares this season. However, the US Department of Agriculture (USDA) estimates that the actual area of crops is 2.9 million hectares.
If the Americans are right, Ukraine's soybean harvest will certainly break all previous records. Analysts also predict that Ukraine's soybean exports will reach 3.1 million tons in the current marketing year, which is also a historical record. Soybean processing in the country is expected to reach 1.9 million tons.
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