Ukraine is approaching record monthly soybean exports.

Ukraine has already exported 425,000 tons of soybeans in 20 days of November. If this month’s exports reach 560,000 tons, analysts said it will be an absolute record for the entirety of Ukraine’s independence.

“Ukrainian soybeans, cheaper than American and Brazilian soybeans by $40-50 per ton, are primarily bought by the EU. The boom in soybeans supports the rise in prices for soybean meal in Europe, which has increased by $120 per ton. We also have demand from Turkey,” according to industry experts.

Their information also states indicative prices for soybeans in Odesa ports are $410-$415 per ton, and volumes of 200-300 tons can be sold at $425. Mills are also raising purchase prices due to European buyers’ high demand for soybean meal. Experts stated that soybean prices are already at ₴16,000-₴16,200 per ton and may rise to ₴17,000 per ton in December.