Soybean prices reach record UAH 17,600-19,000 per tonne in Ukraine since beginning of 2023-2024 MY

MOSCOW. May 22 (Interfax) - Soybean prices have reached their highs of UAH 17,600 to UAH 19,000 per tonne CPT on the Ukrainian market since the beginning of the 2023-2024 marketing year (MY), and continue to grow, Ukrainian media reported, citing the APK-Inform information and analytical agency.

"Higher purchase prices for soybeans remain typical for the Ukrainian domestic market. Prices for oilseeds have mostly been on the rise for the third month in a row and as of May 22 reached UAH 17,600 to UAH 19,000 per tonne CPT, which is a high since the beginning of the current season," analysts said.

At the same time, they estimate the demand for soybeans from exporters as moderate, due to high competition with South American soybeans on the global market. Demand among processing companies is also quite low due to unattractive prices on the soybean meal market.

"Given the current situation, the major soybean trade in Ukraine is currently concentrated on the domestic market. Certain processing companies continue to raise prices to attract more soybean offers, but not substantially, that is, on average only by UAH 100 to UAH 200 per tonne, as farmers continue to restrain the sales of this crop," APK-Inform said.