Soybean prices in Ukraine are falling against the background of a decrease in export demand

Published 2024년 11월 13일

Tridge summary

Brazil's agricultural sector is experiencing improved conditions for soybean planting, with 66% of the planned area already sown and the potential to achieve a record harvest of 169 million tons for the 2024/25 marketing year. This situation, coupled with increased production in Argentina and imports of GMO soybeans from the U.S. to Pakistan and Europe, has led to a surplus in the global market. Factors such as weak demand from China and a decrease in prices for soybeans with GMOs in Ukraine are further pressuring the market. Additionally, the market is facing an oversupply of soybean meal, leading to reduced processing volumes.

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

Original content

Increased rainfall and improved soybean planting conditions in Brazil are expected to add pressure on global quotes, which were unable to support even a sharp decline in the U.S. soybean crop forecast. The increase in soybean supplies from South America to the EU and Pakistan's permission to import soybeans with GMOs collapsed the demand for soybeans in Ukraine. According to Conab data, 66% of the planned area was sown with soybeans in Brazil on November 10 (57.3% last year), and favorable rainfall improves the conditions for the development of crops. The optimal sowing dates have not yet ended, so the sowing area may increase, which will allow to obtain a record 169 million tons of soybeans in 2024/25 MR. In October, Brazil reduced soybean exports compared to September from 6.1 to 4.71 million tons, which is 15.9% lower than the 5.6 million tons exported in October 2023. At the same time, soybean meal exports increased to 2.3 million tons (up 24.4% from October 2023), which was ...

Source: Agroconf