Export prices for soybeans are decreasing in Ukraine

Published Oct 16, 2024

Tridge summary

Recent rains in Brazil have led to increased pressure on global soybean prices, causing a decrease in export prices and demand in Ukraine. Despite this, Ukrainian processors are raising purchase prices and boosting soybean processing due to a reduced sunflower crop. While GMO soybean export prices in Black Sea ports have dropped, processor prices have risen. Non-GMO soybean export prices have remained stable but with fewer buyers. Soybean futures on the Chicago Stock Exchange have declined due to improved harvest prospects in Brazil and high harvesting rates in the U.S. Additionally, a decrease in Brent crude futures has further pressured oilseed prices, particularly with reduced demand from China. The domestic processing market in Ukraine is actively competing for soybeans.

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

Original content

Rains in Brazil increase pressure on global soybean prices, which lowers export prices and demand in Ukraine. However, processors are gradually raising purchase prices and increasing soybean processing plans amid a shrinking sunflower crop. This is reported by analysts of the GrainTrade electronic grain exchange. During the week, export purchase prices for soybeans with GMOs decreased in Black Sea ports by 300-500 UAH/t to 17,700-18,000 UAH/t or $380-385/t, while processors increased prices by 300-500 UAH/t to 18,000 - UAH 18,500/t with delivery to the factory. The increase in sunflower prices to UAH 24,500-25,000/t and the restraint of sales by producers forces factories to increase soybean processing. Export purchase prices for non-GMO soybeans this week in Black Sea ports remained at $455-465/t or UAH 21,800-22,200/t, but the number of buyers decreased. At the same time, processors raised prices by UAH 300/t to UAH 21,700-22,200/t with delivery to the plant. November soybean ...

Source: Agrotimes