According to APK-Inform, in 2019/20 MY, Ukraine exports soybean at a record pace even with account of absence of VAT refund. The total shipments could reach nearly 2.7 mln tonnes in the current season, up 6% compared to the result of the previous MY. At the same time, the carry-over stocks could decline to 37.5 thsd tonnes that would be the lowest result over the last 7 years taking to account the decline of soybean production by 8% in 2019/20 MY.
“It should be noted that the domestic processing of soybean could decrease by 18% in 2019/20 MY. However, even under the conditions of lowering of processing it is still difficult for processors to buy the oilseed. As the result, there was information that some processors imported more price competitive South American soybean. Thus, we revised our estimate of total soybean import up to 30 thsd tonnes in 2019/20 MY compared to 1.4 thsd tonnes in 2018/19 MY”, - the Head of Business project unit at APK-Inform Agency, Andriy Kupchenko explained.
Moreover, he said that there is the significant fluctuation of monthly soybean processing volumes.
“Thus, Ukrainian plants processed 184 thsd tonnes of soybean in January. The volume declined to 135 thsd tonnes in February and then increase to 177 thsd tonnes in March”, - the analyst added.