In 2017 Ukraine will increase soybean production by 10-12% according to Ministry of Agrarian Policy and Food of Ukraine

16:43 | ProAgro

In 2017, Ukraine will increase sowing areas under soybeans by 100-200 thousand ha to more than 2 million ha, which will contribute to the growth of gross harvest of this crop by 10-12%.

As UNIAN reports, Deputy Minister of Ministry of Agrarian Policy and Food of Ukraine Yelena Kovaleva has informed about this trend.

"Today, soybean production is 4.3 MMT, which are being harvested on 1.9 million ha". This year we expect further growth and expansion of areas around 100-200 thousand ha and, accordingly, we expect 10-12% a growth in gross harvest", - she said.

Kovaleva noted that in 2016 Ukraine exported to the foreign markets about 2.7 MMT of soybeans worth more than $985 million. The main consumer of domestic soybeans are the countries of the European Union. According to the Ministry, exports of soybean meal from Ukraine last year amounted to 325 KMT, 83% of which was supplied to the EU.

"325 KMT of soybean meal was exported last year, even though 5 years ago this figure was 15 KMT. That is, the market is growing", - has been reported.

At the same time, Elena Kovaleva stressed that production and export of organic soy is the most promising trend, the price of which is 70% more than traditional soybean.

"The cost of organic soy is up to $680 - this is a significant value for our producers", - she added.