Farmers in Ukraine start selling soybeans cheaper to raise funds for 2024 sowing campaign - experts

MOSCOW. Jan 30 (Interfax) - The prices for soybeans in Ukraine have been falling for the second week in a row due to the need for farmers to replenish their current assets ahead of the 2024 sowing campaign, Ukrainian media reported, citing the APK-Inform information and analytical agency.

"Since mid-month, market participants have noted a drop in purchase prices for soybeans, which markedly quickened last week, which was largely due to lower prices and activity on the export track," analysts said.

Most producers purchased soybeans at UAH 17,000-17,500 per tonne CPT, which is on average UAH 300-500 per tonne lower week-on-week, they said. At the same time, the prices for genetically modified soybeans range between UAH 16,200 and UAH 18,300 per tonne CPT against UAH 16,800-18,300 per tonne CPT as of January 15.

The processing companies began to show more active interest in purchasing soybeans on the back of lower prices, because they needed to form stocks of the oilseed crop in the short term to operate in the medium and long run, experts said, adding that there was a substantial increase in the supply of soybeans from farmers against this background. They were willing to concede in price, as most of them needed urgent replenishment of current assets before the sowing campaign.