Soybean prices in Ukraine remain under pressure from falling export demand

The Verkhovna Rada yesterday did not support the proposed introduction of a 10% duty on soybean and rapeseed exports from July 1, 2025, which would calm the Ukrainian soybean and rapeseed market and allow exporters to plan their export programs more calmly.

Ukraine exported 3.3 million tons of soybeans during September-May MY 2024/25, and can still ship about 1 million tons, but due to the constant increase in the supply of cheap South American soybeans, exporters are reducing purchase prices.

In Ukraine, export demand prices for GMO soybeans remain at 17,900-18,000 UAH/t or $382-384/t, although some traders offer 18,200-18,250 UAH/t with fast delivery by the end of June.

Export demand prices for non-GMO soybeans also decreased to $425-428/t or UAH 19,500-20,100/t with delivery to the port amid a reduction in traders’ export programs.

On the Chicago Board of Trade, July soybean futures rose 2.2% to $394.6/t (+2.2% per month) during the week, amid a sharp rise in July soybean oil futures by 14% to $1,207/t due to the US Administration’s decision to increase biofuel production in the US in 2026-27.

Soybean prices in the US remain low as China does not yet plan to buy American soybeans and is trying to significantly reduce its soybean consumption in the next 5 years.

In April, China announced its intention to reduce the content of soybean meal in animal diets to 10% (10 million tons) by 2030, compared to 13% in 2023, as the trade war with the US requires increased food security.

According to the Argentine Agricultural Ministry, as of June 12, soybeans in the country had been harvested on 16.6 million hectares, or 95% of the plan (97% last year), and experts from the Buenos Aires Grain Exchange increased the soybean harvest forecast by 0.3 million tons to 50.3 million tons.

Tags: Ukraine, prices, soybean