Ukraine has already exported 425,000 tonnes of soybeans in 20 days of November. If exports this month reach 560,000 tonnes, this will be an absolute record for all of the years of Ukraine's independence, according to a weekly briefing on November 22 at the Pusk analytical cooperative, created within the framework of the Ukrainian Agrarian Council (UAC).

"The excitement continues in the soybean market. In November, 425,000 tonnes of soybeans were already exported, 500,000 tonnes were contracted for December. There are sales scheduled for January and February. Ukrainian soybeans, which are cheaper than U.S. and Brazilian ones by $40-50 per tonne, are bought, first of all, in the EU. The soybean boom supports rising prices in Europe for soybean meal, which has increased by $120 per tonne. We also have demand from Türkiye. If we export 560,000 tonnes in November, this will be an absolute record for all of the years of Ukraine's independence," the analysts said.

According to their information, indicative prices for soybeans in Odesa ports are $410-415 per tonne, volumes of 200-300 tonnes can be sold at a price of $425.

Mills are also raising purchase prices due to high demand for soybean meal from European buyers. Soybean prices are already at the level of UAH 16,000-16,200 per tonne; in December they may rise to UAH 17,000 per tonne, the experts said.

"The soybean market will continue to grow, but before the holidays, in December, supply may increase significantly and temporarily slow down the rise in prices," UAC said.