April 29, 2015
Ukraine's soybean output to achieve record volume in 2015
Backed by an increase in cultivation grounds, Ukraine's soybean output may break another record this year, according to an analyst from APK-Inform Agency.
During a conference, called "Ukrainian soybean market: prospects for development in 2015-2020", oilseed market analyst, Anna Burka, said that the rising fortunes of Ukrainian soy will be supported by an expansion of planted areas which could swell to a record 2.15 million hectares, a 19% jump over last season.
Polls have showed that many agrarians are planning to increase their soybean areas in order to meet popular demand from the local market and export companies. Other demand-boosting factors include an anticipation of positive market conditions as well as better soybean profitability which reached 34% last year, according to the State Statistics Service of Ukraine.
However, there were also expectations that this year's soybean yield might slid, by 9% compared to 2014. The negative trend is attributed to costlier prices for material and technical resources which had prompted agricultural enterprise to cut down on those including mineral fertilisers.
Still, Ukraine may be able to produce a record volume of 4.2 million tonnes of soybean in 2015, an 8% rise over 2014, Burka said.