Ukraine's November Soybean Exports Hit Record

tendata blogTrade Trends News

ten data blog23-11-2023

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Ukraine has exported 425 thousand tons of soybeans in 20 days in November. According to the weekly bulletin of the Psk Analytical Cooperative, created within the framework of the Ukrainian Agrarian Council (UAC), dated November 22, if this month's exports reach 560,000 tons, it will be definitely the highest since Ukraine's independence.

"the excitement on the soybean market continues. in november, 425,000 tons of soybeans have been exported, in december 500,000 tons of soybeans have been contracted. there are sales plans for january and february. the market for soybeans in ukraine is still in a state of flux. the market for Ukrainian soybeans is still in a state of flux. Ukrainian soybeans are cheaper than US and Brazilian soybeans by $40 - 50 per ton and are first bought in the EU. The soybean boom is supporting higher soybean meal prices in Europe, up $120 per ton. We also have demand from Turkey. If we export 560,000 tons in November, it will be an absolute record since Ukraine's independence," analysts said.

According to their information, the guide price for soybeans at the Odessa port is $410-415 per ton, and 200-300 tons can be sold for $425.

Steel mills have also increased their purchase prices due to strong demand for soybean meal from European buyers. The price of soybeans has reached 16,000-16,200 GRN per ton; experts say the price may rise to 17,000 GRN per ton in December.

UAC said, "The soybean market will continue to grow, but supply may increase significantly before the December holidays, temporarily slowing the price increase."

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