Business news

31 Dec 2020

Belarus’ commodity exchange posts strong sales of oilseed meals in January-November

Photo courtesy of BUCE

MINSK, 31 December (BelTA) – The sales of oilseed meals via the Belarusian Universal Commodity Exchange (BUCE) in January-November 2020 surged by 21% year-on-year, BUCE Press Secretary Roman Yaniv told BelTA.

In January-November, agricultural enterprises carried out almost 1,500 transactions in oilseed meals and cakes worth a total of Br287 million via BUCE. The sales of these products soared by 21% over January-November 2019 and accounted for 30% of the total sales of agricultural products.

Soybean meal and sunflower meal that are used as a protein supplement in animal husbandry were in the highest demand at trading sessions. Thanks to high competition between suppliers, the prices in the exchange market were on average 2% lower than in the over-the-counter market, BUCE’s press service noted. “Oilseed meals always enjoy a high demand, with thousands of tonnes sold at one trading session. This is why even a small reduction in prices ensures significant cost saving. According to our estimates, buyers of soybean meal and sunflower meal saved over Br3 million in January-November,” the press service noted.

The commodity exchange segment of this market is growing on the back of lower prices. At present, BUCE accounts for about 40% of Belarus’ total trade in oilseed meals, BUCE added.

The Belarusian Universal Commodity Exchange was set up in 2004. It conducted its first auctions in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with exporting products and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.



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