Soybean prices in Ukraine increased amid delays in supplies from South America

In Ukraine, the purchase price of soybeans in the ports of the Danube and the black sea increased amid declining supply from producers and rising world prices for oilseeds due to delays in the supply of soybeans from South America.

So, during the week, the price of soybeans with GMOs increased by 200-300 UAH/t to 18000-18300 UAH/t or 405-410 $/t with delivery to the Black Sea ports, after which processors raised prices to 17000-17300 UAH/t with delivery to the plant.

Ukraine in March reduced the export of soybeans compared to February by 30% to 227 thousand tons, and in General in 2023/24 MY shipped 2.45 million tons of the projected 4 million tons, while last year for the same period was exported 2.35 million tons of soybeans, and the export forecast was 3.5 million tons.

In 2023/24 MY, the exports of soybean oil from Ukraine increased by 22% from 165 thsd tonnes to 202 thsd tonnes, which is equivalent to the processing of 1 mln tonnes of soybeans. Recall that in 2022/23 MY the exports of soybean oil totaled 277 thsd tonnes (equivalent to 1.4 mln tonnes of soybeans), and in the current season it may reach 300 thsd tonnes.

According to AgRural, as of April 5, soybeans were harvested on 78% of the area in Brazil (82% last year). According to the estimates of the BAGE Grain Exchange, soybeans were harvested by 4% in Argentina, as the rains delayed the works, and the average soybean yield was 3.8-4.1 t/ha. At the same time, 79% of the crops are in good or excellent condition.

In 2023/24 MY, the U.S. exported only 37.6 mln tonnes of soybeans, which is 18.5% lower than last year’s pace and increases the pressure on the quotes.

May Soybean futures on the Chicago stock exchange during the week fell 0.5% to 434,1 $/t, and will continue to fall further as the acceleration of the harvest in South America.

Tags: Ukraine, prices, soybean