Ukraine: The fall of the hryvnia leads to higher prices of sunflower and soybean

Procurement prices in hryvnias for grains and oilseeds continue to increase, and the reason for this is the depreciation of the hryvnia against foreign currencies.

The interbank rate of the hryvnia is 28.7 hryvnia for 1 dollar.

Such information was provided by Grain Trade.

This situation led to an increase in the price of supplies of soy and sunflower. Speaking in figures, the increase in price of soybeans for today is 150-200 UAH per ton, while the price of sunflower has increased by 100-150 UAH per ton.

Prices in the currency for soybeans remained at the same level, namely the price of soy with GMO is 364-365 dollars per ton, and the price of soybeans without GMO is 385-400 dollars per ton.

The report also says that the current situation on the world soybean market is affected by forecasts for increase in production of this crop in South America, as well as high rates of harvest supply of the previous year.

The recent appreciation of the dollar leads to higher prices for sunflower and soybeans in Ukraine. This situation introduces some instability in the country’s agricultural market, since the increase in prices for these crops is reflected in the cost of production and, ultimately, on end consumers.

Sunflower and soybeans are among the main crops in Ukraine that are grown for export. However, rising prices for these crops may lead to a decrease in their competitiveness in the world market.

Despite this, Ukrainian producers continue to confidently develop production and increase the yield of sunflower and soybeans using modern technologies and innovations. However, the appreciation of the dollar can become a serious obstacle to the further development of the industry.

In general, the instability of the dollar exchange rate affects many areas of life in Ukraine, and agriculture is no exception. However, Ukrainian producers continue to work on improving the productivity and competitiveness of their crops in order to cope with possible challenges in the market.