Soybean prices on exchanges and in Ukraine await the introduction of tariffs on American soybeans by the EU and China

Soybean prices on the Chicago Board of Trade and in Ukraine remain relatively stable as the world awaits the response to Trump’s “tariff wars.” China refused to lift the 34% tariff imposed in response to US tariffs, so Trump announced that he would impose an additional 50% tariff on Chinese goods starting April 9, bringing the tariff to 104%. China, on the other hand, has vowed to continue fighting against such US policies.

On April 9, EU countries will consider a bill proposed by the European Commission to impose a 25% tariff on American goods, some of which will come into effect on May 16, and tariffs on soybeans on December 1. It will be a response to the White House’s imposition of tariffs on EU goods.

May soybean futures on the Chicago Board of Trade fell 5.5% after China imposed a 34% tariff, but rose 1.7% this week to $364.8/t (-2.1% month-on-month) on hopes of a tariff settlement. November futures are trading $5/t lower on pressure from possible EU tariffs.

The quote supported the EPA’s decision to set a new U.S. biodiesel production cap of 5.25 billion gallons in 2026, up from 3.35 billion gallons now, as agreed upon by a coalition of oil and biofuels industry representatives. However, Trump’s planned spending cuts could limit subsidies for biodiesel producers.

In Ukraine, export prices for GMO soybeans remain stable at $385-390/t or UAH 18,000-18,200/t with delivery to Black Sea ports, so processors are forced to increase their prices by UAH 200-300/t to UAH 17,500-17,800/t with delivery to the plant in order to attract volumes and load production against the backdrop of a further reduction in sunflower processing.

Due to the shortage of supply, traders raised export prices for non-GMO soybeans by $3-5/t to $425-435/t or UAH 19,800-20,100/t with delivery to Black Sea ports, but processors left their prices at UAH 19,000-19,200/t with delivery to the factory.

The introduction of duties on American soybeans by the EU will somewhat support soybean prices in Ukraine, but cheap soybeans and soybean meal from South America are already entering the European market, so prices for Ukrainian soybean meal remain low at $290-300/t with delivery to the port and $325-335/t with delivery to the western border.

Soybean oil prices have also dropped to $920-960/t with delivery to the border or port, which reduces soybean processing margins.

May soybean oil futures on the Chicago Board of Trade fell 7.7% to $971/t in the week following the imposition of duties (+4.3% month-on-month) on hopes of increased biofuel production, although further declines in oil prices will continue to put pressure on quotes.

Tags: soybean oil, prices, soybean, Ukraine