Prices for soybeans in Ukraine continue to decline due to increased supply from South America

Published Jun 22, 2024

Tridge summary

The article provides an overview of the dynamic market situation for soybeans in Ukraine and the US, highlighting the effects of the completion of soybean harvests in Brazil and Argentina on export demand and prices. It discusses the challenges faced by exporters and processors due to reduced demand and shifting market trends, including the impact of new crop rapeseed deliveries on the demand for soybean meal in the EU. Additionally, the article covers the progress of soybean plantings and harvest forecasts in key countries like Brazil, Argentina, and the US, and provides insights into the current and future market trends based on export data and futures market movements.

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

Original content

Completion of the soybean harvest in Brazil and Argentina and increased exports continue to limit export demand for soybeans in Ukraine and the US, leading to lower prices. Export prices for soybeans with GMOs continue to decline amid a reduction in the number of companies involved in purchasing. Currently, the price is about $410/t or 18500-19000 UAH/t delivered to the Danube ports, and there are practically no purchases in the Black Sea ports, as the terminals are already preparing to receive new crop rapeseed and barley. Exporters also offer about 420-440 USD/t for soybeans with delivery to Poland and Romania, but the shipping cost remains at about 60-80 USD/t, which does not allow to export profitably in this direction. Processors also reacted quickly to the drop in export demand and reduced the prices for the purchase of GMO soybeans by 500-1000 UAH/t since the beginning of the month to 17000-18500 UAH/t with delivery to the plant. However, they still have difficulties with ...

Source: UkrAgroConsult