Surge in Ukraine’s Soybean Market Exports

Ukraine’s soybean market is in a promising start to the 2024/25 season. It  has seen record-breaking growth, with exports reaching 675,000 tons in October—three times higher than September exports and 20% above the previous record of 561,500 tons from October 2019. This increase is driven by rising demand from the European Union and Turkey. Which accelerated following July and August price drops.

EU and Turkey Drive Demand for Ukrainian Soybeans

So far this season, Ukraine has exported 918,000 tons of soybeans, a 44% increase from last year. Nearly half (47%) of Ukraine’s soybeans are destined for the EU, marking a 54% increase over the previous year. Additionally, exports to Turkey are up by 10%. The Pakistan now accounts for 12% of Ukraine’s total soybean exports. It's highlighting the country’s expanding market reach.

Price Increases in Black Sea Ports

This week, demand and prices for Ukrainian soybeans surged in Black Sea ports. Prices for genetically modified (GMO) soybeans rose by $469-474/t. For non-GMO soybeans, export prices are now around $538-551/t. This recent increase gives exporters an advantage, even as domestic processors maintain purchase prices slightly lower, at $461-466/t for GMO soybeans and $551-559/t for non-GMO soybeans delivered to factories.

Impact on Soybean Meal Market

The global rise in soybean meal supply has led to falling prices, putting pressure on processors who may reduce soybean processing volumes. With higher competition in the global meal market, processors are taking cautious steps to manage inventories and balance soybean processing activities.

Brazil and US Crop Developments

In Brazil, soybean planting has progressed, with 53% of the planned area sown as of early November, compared to 48% last year. Favorable weather conditions suggest Brazil could achieve a record harvest. Meanwhile, November soybean futures on the Chicago Stock Exchange rose 3% to $365/t, as forecasts predict a reduction in the US soybean harvest. Analysts anticipate a slight yield decrease, with estimates dropping to 52.8 bushels/acre.

Finally, Ukraine’s soybean export market is thriving, driven by growing demand and competitive pricing. As global factors like US policy and Brazil’s planting season progress, Ukraine’s soybean market will continue to adapt to both opportunities and challenges in the months ahead.





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