Soybeans continue to decrease in price in Ukraine, with market operators reporting purchase prices within the range of UAH 16,500-18,800 per tonne CPT for the first three weeks of July, which is UAH 500-900 per tonne lower than the figures at the end of June, according to the APK-Inform information and analytical agency.

"The price decline was mainly due to reduced demand for soybeans from processors due to decreased soybean processing, caused by the low attractiveness of prices for soybean meal/cake, the transition of plants to rapeseed processing, and the energy crisis, which significantly impacted processors. This was particularly noted in the central regions, where stricter electricity supply restrictions were introduced," the analysts said.

According to their information, given the current situation, the volumes of soybean purchases within the country have noticeably decreased, which, as a result, led to a reduction in the number of finished product offers.

Moreover, on the export front, soybean prices also showed a downward trend during the indicated period, although shipping rates in July significantly increased. Demand prices dropped by $20-30 per tonne and were announced at $400 per tonne with delivery to the port. At the same time, demand prices for the new harvest soybeans were $20-30 per tonne lower than the current level of prices for the 2023 harvest beans, which is largely due to the expectation of a record soybean harvest in Ukraine in 2024, APK-Inform reported.