Falling export demand continues to put pressure on soybean prices in Ukraine

In Ukraine, both the rapeseed and soybean markets are experiencing declining export demand. Traders are refusing to load new vessels because farmers are not willing to pay the 10% export duty, and purchase prices, including duty, are quite low, so sales in hryvnias are not very significant.

As of September 25, 2025, 1.511 million tons of soybeans were threshed from 749.7 thousand hectares or 35% in Ukraine with a yield of 2.02 t/ha, while last year at this time 3.504 million tons of soybeans were threshed from 1.646 million hectares or 62% of the area with a yield of 2.13 t/ha. Precipitation in the western regions delays harvesting and reduces the quality and yield of grain.

However, even a slight increase in supply has already led to a decrease in prices. During the week, export prices for GM-soybeans fell by 100-200 UAH/t to 16,700-17,000 UAH/t with delivery to Black Sea ports, but prices in foreign currency remain at high levels of $392-395/t, as traders are still trying to form export batches planned for shipment. At the same time, the number of traders purchasing soybeans continues to decrease.

Prices for non-GM soybeans remain at 18,000-18,100 UAH/t or $420-430/t with delivery to Black Sea ports.

Against the backdrop of increased soybean supply and queues at factories, processors have reduced prices for GM soybeans by another UAH 100-200/t to UAH 16,500-16,800/t with delivery to the factory during the week. At the same time, rapeseed prices are UAH 22,500-23,000/t, and sunflower prices are UAH 27,000-27,500/t, so producers say they will not sow soybeans next season due to the unprofitability of its cultivation.

Last year, exporters in Ukraine offered UAH 18,200-18,400/t for GM soybeans, and UAH 21,800-22,000/t for non-GM soybeans with delivery to Black Sea ports, while processors paid UAH 17,000-17,500/t and UAH 20,000/t, respectively, with delivery to the factory.

Amid growing harvests and uncertainty over soybean exports from the US to China, November soybean futures in Chicago fell 1% to $368.2/t in the week, down 4.3% in the month, and are trading 5.4% cheaper than a year ago.

Soybean exports from Ukraine in the MY 2024/25 exceeded 4 million tons, which is 28% ahead of last year’s pace due to an increase in sowing areas and a record harvest in 2024. The main soybean importers were Turkey, Egypt, and the Netherlands.

Tags: Ukraine, prices, soybean