According to monitoring by IA "APK-Inform," at the beginning of June, soybean oil offer prices in the Ukrainian market reached the highest level since late March 2023, and as of June 11, ranged between 35,100-37,800 UAH/t, excluding delivery costs.
Export offer prices for Ukrainian soybean oil reach 750-780 €/t compared to demand prices around 730-750 €/t on an ex-works basis.
The key factor driving the increase in wholesale prices for this product in the current season has been high demand in the external market, particularly from Poland. The main consumers of affordable Ukrainian soybean oil remain biodiesel processors.
Demand prices for soybean oil with delivery to Poland are around 820-830 €/t, while prices with delivery to the Netherlands and Denmark are offered at 880-900 €/t.
As of the first 9 months of the 2023/24 marketing year, soybean oil exports from Ukraine reached a record level for the September-May period, totaling 262 thousand tons (+21% compared to the same period in 2022/23 MY). About 71% of the total exports went to Poland, with shipment volumes to that country increasing by 20% to 187 thousand tons this season.
However, it should be noted that during the past week, soybean oil producers reported a slight decline in interest in the product, but the use of expensive soybeans in production has so far offset a potential decrease in offer prices.
