Ukraine and Brazil are the key suppliers of soybean to Turkey, which could import 2.8 mln tonnes of the oilseed in 2020/21 MY due to the growth of inner consumption, up from 2.7 mln tonnes in 2019/20 MY, declared Ayhan Kindap, Managing Director and Founder of AK GLOBAL TRADE AND CONSULTANCY within the online conference Soybean and meal market on July 1.
He said that the consumption of soybean could increase by 0.2 mln tonnes to 2.9 mln tonnes in Turkey in the coming season. Thus, the country could raise the processing of the oilseed to 1.45 mln tonnes (+0.1 mln tonnes).
A.Kindap pointed out that the import of Ukrainian soybean almost doubled in 2019 – to 1.15 mln tonnes compared to 747 thsd tonnes in 2018, and reached the maximum level over the last 7 years. However, Brazil remained the key supplier that exported 1.2 mln tonnes of the oilseed to Turkey in 2019.
«Turkey almost stop importing US soybean as the country banned the import of three new varieties of GM oilseed, thus the US product was replaced by Ukrainian. However, if the import of these varieties is approved, the purchases from the USA could increase that will change the market shares of the suppliers». – the expect said.
