Export demand and prices for soybeans in Ukraine increased again

Published 2024년 11월 6일

Tridge summary

Ukraine saw a record high export of soybeans in October, reaching 675 thousand tons, a threefold increase from September, due to increased demand from the EU and Turkey. The country's total soybean exports for the 2024/25 season increased by 44% compared to the previous year, with the EU being the main importer. Despite a decrease in soybean meal prices due to increased supply, purchase prices for GMO soybeans in Ukrainian ports increased. Meanwhile, the sowing of soybeans in Brazil is ahead of schedule, and there is optimism for a record harvest. The US presidential election could impact soybean prices, as potential changes in biodiesel subsidies could affect demand for soybeans.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After an active start at the beginning of the season, export demand for soybeans in Ukraine decreased at the end of October against the background of an increase in the supply of cheap American soybeans on the world market. But this week, demand and prices in Black Sea ports rose again. In October, the export of soybeans from Ukraine increased 3 times compared to September to a record 675 thousand tons, which exceeded the previous record of 561.5 thousand tons exported in October 2019 by 20%. The increase in exports is due to the increase in demand for Ukrainian soybeans from the EU and Turkey against the background of a decrease in its prices in July - August. In total, in 2024/25, Ukraine exported 918,000 tons of soybeans (which is 44% ahead of last year's pace), 47% of which went to the EU (a 54% increase compared to last year). Export of soybeans to Turkey increased by 10%. In addition, the share of deliveries to Pakistan in the total soybean exports increased to 12%. During ...

Source: Graintrade