The ban on imports of Ukrainian agricultural products has led to a shortage and a rush of demand for soybean meal in Poland. Currently, Poland has allowed the supply of soybean meal, but Ukrainian suppliers have already shipped the meal to other countries. As a result, soybean prices in Ukraine rose last week.

This was discussed on May 9 during a weekly briefing organized by the analytical center of the PUSK cooperative, created within the UAC.

"Prices for soybean meal in Poland jumped by 30-50 USD/t on the spot, as there was a shortage at the factories. Polish companies were counting on Ukrainian products, but the meal did not arrive due to the unexpected introduction of bans by a number of EU countries, including Poland. Unaware of the situation, Ukrainian suppliers quickly renegotiated contracts and sent trucks with meal to Hungary and other European EU countries that had not imposed a ban on supplies. The deficit caused an increase in prices for soybeans in Ukraine on the part of processors," said the analytical department of PUSK.

If at the beginning of last week, the indicative prices for Ukrainian soybeans on CPT-factory terms were in the range of 16,000-16,700 UAH/t, as of May 9 they rose to 17,200 UAH/t. The prices may reach the level of 17,700 UAH/t, but will stabilize to 17,000-17,500 UAH/t in early June.

"High demand for soybean meal in Poland will end. Ukraine has already started to supply soybean meal to Poland by wagons, so the price of soybean meal will continue to fall and pull down soybean prices in Ukraine," PUSK explains.