Soybean prices in Ukraine are falling due to reduced demand

Published 2024년 11월 13일

Tridge summary

Brazil's soybean planting is going well with 66% of the planned area planted, thanks to favorable rainfall, and there is potential to reach a record 169 million tons in 2024/25. Argentina is also starting its soybean planting. However, the Chicago Stock Exchange's November soybean futures fell 1.2% to $371/t due to weak demand from China, which is considering withdrawing from buying US soybeans due to a potential trade war resumption with the US. In Ukraine, purchase prices for GMO soybeans in ports have decreased due to a decrease in demand, leading to a reduction in the volume of soybean processing. Pakistani authorities have allowed the import of GMO soybeans from the US, ignoring the Cartagena Protocol on Biosafety, and 42 importers have been licensed for this purpose.

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

Original content

This is reported by GrainTrade. According to Conab data, in Brazil as of November 10, 66% of the planned area was planted with soybeans (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 area may increase, which will allow a record 169 million tons of soybeans to be obtained in 2024/25 MR. Argentina is also starting to plant soybeans, and recent rains have created favorable planting conditions. Meanwhile, November soybean futures on the Chicago Stock Exchange fell 1.2% to $371/t yesterday, losing 2% after the release of a "bullish" report from the USDA, which cut the forecast for the US soybean crop from 124.7 to 121. 4 million tons Markets remain under pressure from weak demand from China and its possible withdrawal from buying US soybeans if Trump resumes a trade war. In Ukraine, purchase prices for soybeans with GMOs in ports decreased during the week by 200-300 hryvnias/ton — to ...

Source: AgroPortal.ua