Ukraine approaches record soybean exports

Ukraine has already exported 425 thousand tons of soybeans in the first 20 days of November. If this month’s exports reach 560 thousand tons, it will be an absolute record for all the years of Ukraine’s independence. This was discussed on November 21 during a weekly briefing organized by the analytical center of the agricultural cooperative PUSK, created within the framework of the VAR.

“The soybean market is in a boom. In November, 425 thsd tonnes of soybeans were exported, 500 thsd tonnes have been contracted for December, and there are sales for January and February. Ukrainian soybeans, which are $40-50 per ton cheaper than American and Brazilian soybeans, are primarily bought by the EU. The boom in soybeans is supported by rising prices in Europe for soybean meal, which rose by $120 per ton. We also have demand from Turkey. If we export 560 thsd tonnes in November, it will be an absolute record for all the years of Ukraine’s independence,” analysts say.

Indicative prices in Odesa ports are $410-415 per ton, while volumes of 200-300 tons can be sold at $425.

“Factories are also raising purchase prices due to high demand for soybean meal from European buyers. The prices for soybeans are already at 16000-16200 UAH/t, in December they may rise to 17000 UAH/t,” PUSK adds.

According to analysts, the soybean market will continue to grow, but before the holidays, in December, the supply may increase significantly and temporarily slow down the growth of price tags.

Tags: Ukraine, export, soybean