Soybean prices in Ukraine may rise to 23,000 UAH/t already in June

In the coming weeks, conditional prices for soybeans in Ukraine may increase, which is associated with a shortage of raw materials at factories and an increase in the cost of soybean meal. This is reported by the analytical department of the agricultural cooperative PUSK, created within the framework of the All-Ukrainian Agrarian Council (VAR).

“The soybean market is gradually recovering. The increase in prices for soybean meal stimulates factories to make more active purchases, as the volumes of available raw materials remain limited. Last week, the market added about 200–300 UAH per ton. This is only the first signal of growth. We expect further strengthening for GM soybeans. The nearest benchmark for the market is the level of 22,700–23,000 UAH per ton, which processors can reach in June-July. If this scenario is realized, this will be a favorable moment for selling accumulated volumes,” analysts note. At the same time, in the export direction, demand is unevenly distributed between non-GM soybeans and GM products.

“Trade in ports today is focused mainly on non-GM soybeans. Demand for GMs is very episodic, there is practically no systematic work in this segment. Demand for non-GM soybeans is currently being formed at the level of $470–475/t,” the PUSK adds.

Tags: Ukraine, prices, soybean