Ukraine. Restrained soybean supply keeps spot market tense
As of November 20, Ukrainian farmers have threshed soybeans on 1.9 million hectares (96%), 4.72 million tons of beans were threshed with an average yield of 2.37 tons/hectare. In 8 regions, soybeans were fully harvested.
According to Spike Brokers, the low harvest and unpredictable logistics led to a restrained soybean supply, which keeps the spot market tense:
- GM soybean prices were at $420/ton CPT seaports depending on delivery terms and quality;
- non-GM soybeans were traded at $455-460/ton CPT seaports with spot-December delivery;
- towards Italy, buyers are announcing levels of $450-455/ton CPT Chop with delivery by car or Ukrainian railcars;
- The spot price index for GMO soybeans for export with delivery within 30 days increased by $6 excluding VAT to $418/t;
- the spot index for GM soybeans for processing also increased by $4 to $454/t including VAT.
Brokers added that the premium for non-GM soybeans remains in the range of $35-40 relative to the price of GM soybeans.
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