Stock prices for soybeans continue to fall, which puts pressure on purchase prices in Ukraine

Increase in precipitation in Brazil accelerates the sowing of soybeans and reduces speculative pressure on the quotes, which fell by 4% during the week.

According to the Agency Conab, as of October 6 in Brazil soybeans planted 5.1% of the planned area (10.1% last year), and in the state of Mato Grosso – only 2.1% (14% last year), which is the worst figure since 2015/16 MG. In the Central regions of the country is still no significant precipitation, but the front will bring rain and lower temperatures, particularly in Mato Grosso, which will accelerate sowing.

November soybean futures on the Chicago stock exchange yesterday fell 1.8% to 373,4 $/t (-4% for the week), which corresponds to the level of last month. Favorable weather and high rates of harvesting soybeans in the United States improve production prospects.

As of October 6, in the United States threshed 47% of soybean crops (37% last year), which exceeds the analysts’ forecast of 44%.

Yesterday, oil prices fell by 4.9%, and December futures for soybean oil in Chicago – by 3.5%, which will increase pressure on soybean prices.

In Ukraine, as of October 4, 4.3 million tons of soybeans were harvested from 1.9 million hectares or 73% of the area, with a yield of 2.26 t/ha. According to forecasts, this year’s harvest will exceed 6 million tons.

Export purchase prices for soybeans with GMOs in the ports of the black sea last week rose to 18300-18600 UAH/t, but on Monday fell to 18000-18300 UAH/t or 390-395 $/t, while processors raised prices to 17500-18000 UAH/t with delivery to the plant.

Farmers are holding back sales of soybeans in anticipation of rising prices for it after the prices of sunflower, but export demand for soybeans with GMOs remains low, so Ukrainian exporters are quite difficult to find buyers, especially given the decline in prices for U.S. soybeans.

In September, the export of soybeans from Ukraine increased by 48% compared to August to 243 thousand tons, which is the highest level since March 2024.

Export prices for non-GMO soybeans during the week remained at the level of 455-465 $/t or 21800-22000 UAH/t with delivery to the Black sea ports, while processors increased prices by 300-500 UAH/t to 21500-22000 UAH/t with delivery to the plant.

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Tags: prices, soybean