Ukrainian soybean is highly competitive on the global market. Despite the record harvest, prices are rising.

This was discussed on November 7 during a weekly briefing organized by the analytical center of the agricultural cooperative PUSK, created within the UAC.

 "Since the beginning of November, Ukraine has exported 110,000 tons of soybean. For the current month, we have contracted sales of more than 500,000 tons. Ukrainian soybean is significantly cheaper than Brazilian or American one, which have risen in price over the past week. Therefore, prices for Ukrainian soybean started to rise on FOB basis, and the supply is not high," said the analytical department of PUSK.

Despite the record harvest in Ukraine, which exceeded 5 mln tons, the global situation will contribute to the growth of domestic purchasing prices for soybeans.

"Brazil grows 163 million tons of soybean per year, and these volumes form the global market. The Ukrainian oilseed will become more expensive due to the growth of global prices. In the next two weeks, we will see an increase of $5-10 per ton in ports. At present, the Danube and Odesa ports are indicatively at $300-400 per ton, while actual prices are higher. You can sell a batch of 400,000 tons at a higher price. The demand is huge," PUSK added.

Processors are currently offering purchase prices in the range of 14,200-14,500 UAH/t. In the coming weeks, the prices may increase by 500-1,000 UAH/t.

Soybean prices will also be supported by the growth of demand for soybean meal, which has risen in price by $20 per ton on the world markets over the past two weeks.