Soybean prices in Ukraine are feeling the effects of favorable weather conditions in Brazil, which has pushed global prices lower. Despite this, Ukrainian processors are raising purchase prices and ramping up processing plans as the sunflower crop shrinks, driving demand for soybeans.

Soybean Export Prices Decline Amid Rising Processing Demand

• Over the past week, export purchase prices for GMO soybeans at Black Sea ports dropped by €6.60-€11 per ton, settling at €389.40-396 per ton.
• Meanwhile, processors have increased their prices by the same margin, now offering €396-407 per ton for factory delivery.
• With sunflower prices climbing to €539-550 per ton and producers holding back on sales, factories are turning to soybeans to meet processing needs.

Non-GMO Soybean Prices Hold Steady

For non-GMO soybeans, export purchase prices at Black Sea ports remained stable this week at €455-465 per ton. However, the number of active buyers has decreased. Despite this, processors have raised their purchase prices by €6.60 per ton, now offering €477-488 per ton with delivery to the plant.

Soybean Harvest Progress in Ukraine

As of October 10, Ukraine had harvested 4.83 million tons of soybeans from 2.12 million hectares, representing 80% of the total area. The average yield stands at 2.28 tons per hectare.

Brazil’s Soybean Planting Accelerates After Rains

In Brazil, as of October 13, 9.1% of the planned soybean area had been sown, compared to 19% at the same time last year. The recent rains are expected to accelerate planting in the coming weeks. Conab's initial forecast predicts a record soybean harvest of 166 million tons for the 2024/25 marketing year, an increase of 12.7% over the previous season, thanks to a 2.8% rise in sown area to 47.33 million hectares.

Soybean Futures Drop as Harvest Outlook Improves

On the Chicago Stock Exchange, November soybean futures fell 2.5% over the week, closing at $364 per ton, down 6.7% since the beginning of October. The price drop is driven by favorable harvest conditions in Brazil and strong progress in the U.S., where 67% of the soybean area had been harvested as of October 13, well ahead of the 5-year average of 51%.

Oil Prices Add Pressure to Oilseed Markets

Adding further pressure to oilseed prices, December Brent crude oil futures dropped 6.3% to $74.3 per barrel, a decline fueled by reduced demand from China.

China Reduces Soybean Imports

According to the State Customs Service, China’s soybean imports in September decreased by 6.8% compared to August, totaling 11.37 million tons. However, for the first nine months of 2024, China imported 81.85 million tons of soybeans, an 8.1% increase over the same period last year.





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