Ukraine goes for record on soybean export that may reach 560,000 tonnes in Nov - experts

MOSCOW. Nov 23 (Interfax) - Ukraine has already exported 425,000 tonnes of soybeans in 20 days of November, and if the export reaches 560,000 tonnes this month, this will be an all-time record for all the years of Ukraine's independence, Ukrainian media reported, quoting experts' statement at a briefing on Wednesday at the First Ukrainian Agricultural Cooperative (PUSK), set up within the Ukrainian Agri Council framework.

"The soybean market continues to be in a frenzy. In November, 425,000 tonnes of soybeans have already been exported, 500,000 tonnes have been contracted for December, and there are sales for January and February. Ukrainian soybeans, which are $40-$50 per tonne cheaper than American and Brazilian soybeans, are purchased primarily by the EU. The soybean boom is backed by rising soybean meal prices in Europe, which rose by $120 per tonne. We also have demand from Turkey. If we export 560,000 tonnes in November, it will be an all-time record for all the years of Ukraine's independence," experts said.

The indicative prices for soybeans in the Odessa ports are $410-$415 per tonne, while 200-300 tonnes can be sold at $425.

The plants are also raising purchase prices due to high demand for soybean meal from European buyers. Soybean prices are already at UAH 16,000-16,200 per tonne, and may climb to UAH 17,000 per tonne in December, experts said.

"The soybean market will continue to grow, but before the holidays, in December, the supply may increase markedly and temporarily slow down the growth of the price tags," they said.