20 Mar 2024 16:50

Soybean prices in Ukraine growing owing to growing demand for soybean meal on global markets - analysts

MOSCOW. March 20 (Interfax) - Soybean prices have been growing in Ukraine over the past week owing to brisker demand on the global market, Ukrainian media have reported citing the APK-Inform news and analytical agency.

"The main reason behind the growing prices is the increasing prices for soybean meal and sunflower oil in the export sector, which prompts a brisker pace and volume of soybean products shipments in March," it said.

Seeking to urgently replenish their stocks, processing companies were willing to pay more for soybeans, although not that significantly for now, APK-Inform said.

Most of processing companies procured soybeans at UAH17,200 to UAH17,500 per tonne CPT over the past week, which is UAH100 to UAH200 per tonne more than a week before, it said.

At the same time, demand prices for genetically modified soybeans currently range from UAH16,300 to UAH18,200 per tonne CPT, APK-Inform said.