A comprehensive look at 2023 and future trends for Ukraine grain market

17 January 20248 min reading

In an interview with Miller Magazine, Dr. Sergey Feofilov, Founder and CEO of UkrAgroConsult, offers insights into the challenges encountered by Ukraine’s agribusiness in 2023 and unveils key trends set to define the nation’s agricultural trajectory in 2024. Dr. Feofilov anticipates a grain harvest ranging from 50 to 60 million tons this year, emphasizing the pivotal importance of safety, logistics, profitability, and international cooperation in shaping the future of the agricultural sector.

Dr. Sergey Feofilov
Founder and CEO of UkrAgroConsult

The ongoing Russia-Ukraine conflict has had profound effects on the global food systems. As major agricultural exporters, both countries play a crucial role in supplying oilseeds and grains to the global market. Despite challenges, Ukraine continues to navigate alternative export routes.

In an interview with Miller Magazine, Dr. Sergey Feofilov, Founder and CEO of UkrAgroConsult, provides a comprehensive overview of the agricultural landscape in Ukraine, reflecting on the challenges faced in 2023 and forecasting the trends for 2024. Dr. Feofilov reflects on the agricultural markets’ uncertainty in 2023, where limited logistics and weak prices impacted producers’ margins. Contrary to expectations, yields for major crops reached record levels due to favorable weather conditions and rapid adaptation of technologies to wartime challenges. He highlights a pivotal moment in May 2023 when UkrAgroConsult’s wheat production forecast of 20-21 million tons surpassed market expectations. The actual production of 22 million tons showcased the company’s precision in market analysis.

Looking ahead to 2024, Dr. Feofilov forecasts a grain harvest of 50-60 million tons, with exports ranging from 35-40 million tons. The key focal points for the agricultural market in 2024 will revolve around safety, logistics, profitability, and international cooperation. Dr. Feofilov also emphasizes the accelerated cooperation between Ukraine and EU countries, with a particular focus on the Ukrainian land market, which continues to develop despite the ongoing war.