Export demand for soybeans in Ukraine is recovering, but prices remain under pressure from falling stock prices
After several weeks of almost complete absence of export demand for soybeans with GMOs, purchases in Ukrainian ports have intensified, which supported prices.
Export demand prices for soybeans with GMOs in the Black Sea ports increased by 300-500 UAH/t to 17300-17700 UAH/t or 365-375 USD/t, while prices for non-GMO soybeans remained at 19000-19500 UAH/t or 410-425 USD/t.
Demand for soybeans from processors remains low, as the plants are overstocked with soybean meal. Processors offer 17000-17200 UAH/t for soybeans with GMOs, and 18500-19000 UAH/t for soybeans without GMOs with delivery to the plant.
Prices for soybeans in Ukraine remain under pressure from low prices for soybeans from South America, which are falling on forecasts of increased sowing areas and amid favorable weather for crops.
According to Conab, in Brazil, as of November 24, 83.3% of the planned area was planted with soybeans (75% last year), and favorable rains will allow farmers to increase the acreage.
According to the forecast of the Secretariat of Agriculture of Argentina (SagyP), in 2024/25 MY the soybean planting area in the country will increase by 7.8% compared to the previous season, from 16.6 to 17.8 mln ha, which will be the highest in the last 6 years. This is due to the improvement of soil moisture level and reduction of corn planting areas. Currently, 36% of the planned areas have been planted with soybeans (+3% for the week).
January futures for soybeans on the Chicago stock exchange for the week rose 1% to 363 $/t, which corresponds to the level of last month, although soybean oil prices fell due to uncertainty about the fate of the biofuel program after the arrival of the new US administration.
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