Domestic soybean prices in Ukraine continue to rise, although export prices have slightly decreased

In Ukraine, there remains strong demand for soybeans from processors switching to the production of soybean meal for livestock, while export prices for soybeans at ports and on the western border have stopped growing and even slightly decreased after reaching peak levels due to increased competition with South American soybeans.

The rise in sunflower prices also supports soybean prices, as domestic demand for meal remains stable.

Last week, processors increased purchase prices for GM soybeans by UAH 300-500/t to UAH 20,300-20,500/t ($405-410/t excluding VAT) delivered to the factory, while prices for non-GM soybeans remained at UAH 20,500-20,700/t, as processors find it increasingly difficult to compete in the EU export market for soybean meal.

Export demand prices for GM soybeans decreased by $5/t to $435-445/t delivered to ports due to a decrease in the number of traders making purchases due to limited supply.

Export prices for non-GM soybeans remain at around $460/t with delivery to ports and $460-465/t with delivery to the western border.

From September 1 to March 25, 2026, Ukraine exported about 1.5 million tons of soybeans, of which 960 thousand tons were shipped without paying duties and 550 thousand tons – with payment of duties to the budget in the amount of almost UAH 760 million. This season, as a result of the introduction of export duties on soybeans, producers lost about $ 200 million in revenue. Of the 5 million tons of soybeans grown this season, 2.9-3 million tons will go to domestic processing (50% more than in the previous season), and exports will not exceed 2-2.2 million tons.

The decrease in demand and export prices for Ukrainian soybeans is caused by the increase in the supply of cheap Brazilian soybeans and the sharp drop in quotations in Chicago, caused by traders’ understanding of the fact that China will not increase purchases of soybeans from the United States.

May futures for US soybeans in Chicago traded at $430/t during the week, 4% lower than two weeks ago, when they reached a nearly 2-year high.

The increase in soybean oil stocks in the US indicates weak demand from the biodiesel industry amid increased domestic processing, while export shipments are still 27% lower than a year ago, at only 29.2 million tons of the USDA’s forecast for this season of 43 million tons.

According to AgRural, as of March 19, soybeans in Brazil have been harvested on 68% of the area (80% last year), as persistent rainfall delays the harvest, although it improves the condition of the second corn crop. Brazilian soybean prices are currently $420-430/t FOB, but due to the war in Iran, the cost of freight from Brazil to China has increased from $40/t to $50-55/t, which increases the pressure on export prices and leads to their decline as the queues at ports created by the record harvest grow.

Tags: Ukraine, prices, soybean