The President promised Zelensky cancellation of the amendments supports soybean oilseed prices

the President of Ukraine has appealed to the government and the Verkhovna Rada with a request as soon as possible to cancel the "soy amendments" to protect domestic farmers.

During a meeting of farmers with the President, they said that canceled changes to the tax code dsl 2017 reimbursement of VAT at export of soybeans and canola have reduced the demand for these crops from traders, resulting in refiners also lowered prices by 10-15%.

the Deputy Minister of economy T. Vysotsky said that support for producers of soybeans and rapeseeds to the Parliament for a bill No. 2446, which involves changes in taxation of VAT on exports of oilseeds.

News about the possible cancellation of "soy edits" led to the halt of sales of soybean manufacturers and price increases with processors. During a week purchase prices for soybeans rose by 100-200 UAH/t to 9100-9300 UAH/t with delivery to the plant. An additional factor of support was the increase in export prices, against the backdrop of strong demand and rising global prices have increased in ports to 345-350 $/t

since December 12, when it was agreed the first part of the trade agreement between the US and China, soybean futures in Chicago rose by 3.8% to 344,3 $/t. Push was added, and the decision of Argentina to raise the export duty for soya beans and oil.

soybean Market supports the growth of demand from China, which, by estimations IGC, the current season will increase its imports by 2 million tons to 88 million tons.

Prices for U.S. soybeans on FOB basis US Gulf soared to 366 $/t for deliveries in January and 378 $/t in February. Further price increases will limit access to the market of new crop soybeans from Brazil, which will increase its production in comparison with the previous season, from 115 to 123 million tons.