Ukraine. Law signed – record soybean processing ahead


Last week, President Poroshenko signed into law Bill No.7403-d stipulating that soybean and rapeseed export VAT will no more be refunded, except for growers supplying these commodities abroad on their own.

The new regulation comes into force from September 1, 2018 for soybeans and from January 1, 2020 for rapeseed.

In fact, this implies that the new crushing season will feature a significant rise in soybean processing. UkrAgroConsult estimates that Ukraine may harvest roughly 4 MMT in 2018, and over half the crop could potentially be processed by Ukrainian crushers. Ultimately, soybean processing will hit a record high in the new season.

The new game rules in the soybean market open up vistas for Ukrainian exporters of soybean products, as the taxation changes did not affect these commodities. This, in turn, will stimulate exports of value-added products.

Detailed analysis of the latest trends in oilseeds/vegoils/meals exports, palm oil imports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting/harvesting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Vegoils" by UkrAgroConsult.

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the VI International Conference “Black Sea Oil Trade”, which will take place on September 20, 2018 in Hilton hotel, Kiev, Ukraine.

Delegates from 20 countries have already registered for participation in the International Conference «Black Sea Oil Trade». Conference participants are usually represented by producers and crushers of oilseeds, traders, enterprises for deep processing of vegetable oils, investment companies, banks, law, shipping, brokerage, insurance and surveyor companies.



Readers choice: TOP-5 articles of the month by UkrAgroConsult