Export prices for soybeans in Ukraine are growing, despite the fall in stock prices
In Ukraine, high prices for rapeseed and lower crop forecasts for soybeans and sunflower due to the heat in the South and East support starting prices for soybeans at a high level. Export purchase prices of soybeans of the new harvest for delivery to the ports of the black sea in October – November after updating the minimum of 355-370 $/t in recent weeks rose to 385-390 $/t, despite the fall in stock prices. Exporters are actively contracting soybeans of the new harvest, but farmers are in no hurry to conclude agreements because of the uncertainty of the harvest.
Processors offer 16000-17500 UAH/t for old crop soybeans with delivery to the plant, but producers expect prices to rise to 19000-20000 UAH/t following the prices for sunflower, which have already risen to 19-20 thousand UAH with delivery to the plant.
November futures for soybeans in Chicago during the month fell by 7.8% to 374 $/t amid improving condition of soybean crops and increased crop forecasts in the United States. World prices remain under pressure from declining demand from China.
According to the State customs service, for 7 months of 2024 China has reduced imports of soybeans compared to the same period in 2023 by 1.3% to 58,33 million tons, although in July imported 9.85 million tons of soybeans, which is 2.9% higher than in July 2023.
The Chinese National Information Center for Grain and Oil reported that in July soybean stocks at processing plants exceeded 7 mln tonnes, and soybean meal stocks increased by 29% to 1.38 mln tonnes, which is 86.5% higher than in July 2023. In August, the Chinese ports will receive 8 mln tonnes of soybeans and in September – another 7.6 mln tonnes.
Brazil exported a record 11.2 mln tonnes of soybeans in July (9.7 mln tonnes in July 2023) due to active shipments to China.
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