EU exports support Ukrainian soybean prices amid maritime logistics disruptions
New-crop soybean prices in Ukraine remain close to last year’s levels at the start of the season despite the halt in exports through Black Sea ports. Unlike sunflower seed and rapeseed, the soybean market is less dependent on deep-sea ports, as a significant share of shipments in recent months has been directed to the EU, while Ukrainian processors have established soybean meal exports to the European market.
Over the past week, prices for GM soybeans have fallen by around UAH 1,000/t to UAH 17,000–18,000/t delivered to processors. This is 25–30% below the highs reached in MY 2025/26 but roughly in line with year-ago levels. By comparison, sunflower seed prices have fallen much more sharply from their seasonal highs.
Export prices at Ukraine’s western borders continue to support the domestic market. GM soybeans for September delivery to Poland are quoted at $460–470/t, while non-GM soybeans delivered to Hungary are at $490–495/t. However, if the ports remain closed, increased flows of soybeans, sunflower seed and corn through the western borders could push logistics costs higher and put further pressure on domestic prices.
At the same time, Ukrainian soybean exports to the EU have dropped sharply. According to the European Commission, Ukraine exported 71.91 thsd tons of soybeans to the EU between July 1 and August 16, down 72.9% y/y. Ukraine’s share of EU soybean imports fell from 13.82% to 5.11%, pushing the country from second to third place among suppliers behind Brazil and the US.
Global markets are providing additional support to Ukrainian prices. Chicago November soybean futures have gained 4.6% over the past seven days to $454.5/t and are trading 15.6% above year-ago levels. Strong futures prices could continue to support export demand for Ukrainian soybeans, although the domestic market outlook will largely depend on the availability and cost of export logistics.
Read also
Poor soybean harvest to push India to increase soybean oil imports — USDA
Black Sea export disruptions return Australia to the centre of the global wheat ma...
Bunge sunflower oil facility suspends operations after Russian attack
Expana raises EU wheat export forecast as Black Sea shipments decline
Ukraine expands alternative rail routes to the EU
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon