Domestic soybean prices in Ukraine have risen sharply due to limited supply from farmers and reduced sunflower purchases by some processors following its steep price increase, reports ProAgro Group.

Over the past week, processing plants increased purchase prices for GMO soybeans by UAH 1,000–1,200 to UAH 18,600–19,700 per ton delivered to the plant. Meanwhile, export purchase prices for GMO soybeans delivered to Black Sea ports remained largely unchanged at $420–425 per ton, or UAH 18,600–19,000 per ton.

Prices for non-GMO soybeans on the domestic market held near UAH 19,500 per ton, while export quotations at ports rose to $435–440 per ton, equivalent to UAH 19,000–19,400 per ton.

Grain logistics have been significantly complicated by frost and heavy snowfall, slowing deliveries. Under these conditions, processors are forced to raise procurement prices to ensure sufficient soybean meal supplies for the feed market and to meet export commitments.

Between January 1 and 24, Ukraine exported more than 168 thousand tons of soybeans. The largest buyers were Turkey (over 85 thousand tons), the Netherlands (27 thousand tons), and Germany (17 thousand tons). At the same time, traders note limited external demand, particularly in the traditionally important Egyptian market.

A week ago, analysts reported that the domestic soybean market was gradually becoming more attractive. Processing enterprises are expanding coverage for February–March, and prices still have room to grow.

Source: GrainTrade