MUMBAI, 7 Aug (Commoditiescontrol): Ukrainian soybean producers are withholding sales of their oilseeds, opting to wait for prices to reach 20,000 UAH per tonne or higher, due to a poor harvest this season. This assessment was made by analysts from the agricultural cooperative PUSK, which is part of the Ukrainian Agrarian Council, during a weekly briefing on August 7, according to the UAC press service.
The analysts stressed the importance of processing soybeans to meet existing contracts for oil and meal. However, they pointed to alarmingly low yields of "ultra-early" soybeans in some Ukrainian regions, with harvest figures as low as 1.5 to 1.8 tonnes per hectare.
In response, factories are currently trying to procure batches of soybeans at prices between 17,500 and 18,000 UAH per tonne to build up safety stocks for the start of the new season. Analysts also noted that, on a Delivered at Place (DAP) basis to Italy, conditional prices for Ukrainian soybeans are currently estimated at 410-420 euros per tonne for delivery in September-October.
(By Commoditiescontrol Bureau; +91 98201 30172)
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