Prices for soybeans, sunflowers down on domestic market – analysts

Soybeans and sunflowers are becoming cheaper on the domestic market, the information and analytical agency APK-Inform reported.

"This situation can be explained by an increase in offers for soybeans during the harvesting campaign promotion. This trend is also due to the significant decrease in soybean exports since the beginning of September of this year, which is caused by the difficulty of obtaining the necessary export documentation for this crop in the context of the introduction of 10% duties on soybean exports," analysts emphasized.

According to their information, as of September 22, demand prices for soybeans compared to the indicator a week earlier decreased mainly by UAH 200-600/tonne and are voiced on average within UAH 16,500-16,800/tonne CRT.

According to the agency, a similar situation has developed in the domestic sunflower market despite the significantly lower yield potential in the southern and central regions. Factories in the central, western, and northern parts of the country began experiencing a seasonal increase in the supply of new sunflower harvests. As a result, they reduced their asking prices.

"The physical supply of sunflower was not yet sufficient due to the delay in the harvesting campaign. However, unlike last year during the same period, an increase in the cost of oilseeds is not expected due to an increase in the supply of soybeans and rapeseed on the domestic market. The prices of these crops have fallen significantly over the past two weeks amid the export duty," analysts noted.

In general, the range of purchase prices for sunflower during the week was quite wide depending on the region – UAH 26,000-27,300/tonne CPT-plant and up to UAH 28,000-28,200/tonne CPT for 50% oil content. At the same time, in the southern regions, processors reported a fairly large supply of sunflower with low oil content – 39-40%, APK-Inform noted.