Ukraine imports soybeans for the first time in years

Reuters – Ukraine, a major exporter of soybeans, has agreed to its first soybeans imports in many years and industry sources said such deals could be repeated in future if domestic output continues to shrink.

The 20,000 tonnes of Brazilian soy is to arrive on three vessels, two of which have already departed, at Ukraine’s Sea of Azov’s Berdyansk port. The cargo was imported by Pology oils extraction plant.

“They imported it because it was very difficult to find soy at a good price inside the country,” an industry source said.

Ukrainian soybean was trading at 12,500 to 12,700 hryvnias per tonne EXW (US$463 to $470), data from agricultural consultancy APK-Inform data shows.

The harvest, according to official data, fell 17 per cent to around 3.7 million tonnes in 2019 and the country has already processed around one million tonnes of it.

A major part of the remaining volume has been exported, analysts say.

APK-Inform has said Ukraine may face a decline in soybean production in 2020 as the sowing area is expected to fall to 1.4 million hectares from 1.6 million in 2019.

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