Soybean prices in Ukraine have been falling for the past month

Against the backdrop of a decrease in world prices for soybeans in Ukraine, purchase prices fell from UAH 18,000/t at the end of January to UAH 16,500/t at the end of February with delivery to the factory. This was discussed at the briefing of the PUSK agricultural cooperative, established under the All-Ukrainian Agrarian Council.

Traditionally, Ukraine exported 50-60% of the soybean crop to Turkey and Egypt. In February, 290,000 tons of soybeans were exported from Ukraine out of the contracted 300,000 tons. Export sales of Ukrainian soybeans slowed down due to their high price. Currently, prices for domestic soybeans are almost equal to prices for Brazilian soybeans, although they were usually $10-15/t lower. Soybean prices in Ukraine will continue to decline following the drop in global prices under pressure from a record harvest in Brazil, forecasts of a good harvest in Argentina and significant soybean stocks in the US.

Currently, on a DAP basis, Poland or Romania are offering soybeans at $420/t, but prices may drop to $390/t by the end of March. And the prices of processors, which have now fallen to 16,500-16,800 hryvnias/ton, may drop to 16,000 hryvnias/ton within a month.

An additional factor of pressure on the prices of Ukrainian soybeans was the fall in the prices of soybean meal in the EU. Previously, the main buyer of these products was Poland, but now trade with this country is extremely complicated.