Soybeans rise on the global market but continue to fall in Ukraine

Soybean futures in Chicago remain near their highest levels since late 2023, supported by active Chinese buying, high soybean oil prices and harvest delays in the US due to rainfall. November futures have slipped 0.8% over the past seven days to $485/t, but remain 8.2% higher than a month ago.

Export demand continues to support the market. According to USDA, US soybean export sales reached 1.7 mln tons during September 4–10, nearly double the volume recorded in the same week last year. China purchased 875.3 thsd tons, while its total purchases of new-crop US soybeans are estimated at 12–13 mln tons.

In Ukraine, as of September 15, soybeans had been harvested from 167.51 thsd ha, or 11% of the planted area. Production reached 325.78 thsd tons with an average yield of 1.94 t/ha. At the same time, domestic prices remain under pressure due to limited seaborne export opportunities and higher logistics costs.

Processors cut their bids for GM soybeans by another UAH 500–1,000/t over the week to UAH 16,000–16,500/t delivered to plants. Export demand from the EU remains stable, with GM soybeans containing 33% protein priced at $400–420/t delivered to the border and $430–440/t loaded into European-gauge railcars.

The premium for non-GM soybeans has meanwhile narrowed to $10–20/t, while demand has weakened. Further global price direction will depend on the pace of the US harvest and weather conditions in Brazil ahead of new-crop planting.

Tags: Ukraine, prices, soybean, global market