Soybean Prices in Ukraine Remain Under Pressure Due to Weak Export Demand
The Verkhovna Rada did not support the proposal to introduce a 10% export duty on soybeans and rapeseed starting July 1, 2025. This decision positively impacted the market, allowing Ukrainian soybean and rapeseed exporters to plan their future export programs with more confidence.
This is reported by AgroReview
Market Situation for Soybeans: Exports and Prices
From September to May of the 2024/25 marketing year, Ukraine exported 3.3 million tons of soybeans. By the end of the season, an additional 1 million tons could potentially be shipped. However, due to the increase in the supply of cheap soybeans from South America, Ukrainian exporters are forced to lower their purchasing prices.
In the domestic market, the export prices for genetically modified soybeans remain at 17,900–18,000 UAH/ton ($382–$384/ton). Some traders are also offering 18,200–18,250 UAH/ton on the condition of quick delivery by the end of June. Prices for non-GMO soybeans have also decreased to $425–$428/ton or 19,500–20,100 UAH/ton with delivery to the port, which is related to the reduction of traders’ export programs.
Global Trends: Impact of the USA, China, and Argentina
On the Chicago exchange, July soybean futures rose by 2.2% over the past week to $394.6/ton. The monthly increase also amounted to 2.2%. The main factor was a significant increase in prices for July soybean oil futures – up 14% to $1,207/ton. This is linked to the U.S. Administration’s decision to increase biofuel production in the country in 2026–2027.
Despite this, soybean prices in the U.S. remain low. China is currently not planning to purchase American soybeans and aims to significantly reduce its consumption over the next five years. In April, the Chinese government announced its intention to reduce the soybean meal content in animal diets to 10% (10 million tons) by 2030, down from 13% in 2023. This is due to the need to strengthen food security amid the trade war with the U.S.
“According to the Argentine Ministry of Agriculture, as of June 12, soybeans in the country have been harvested from 16.6 million hectares or 95% of the plan (97% last year), and experts from the Buenos Aires Grain Exchange have raised the soybean harvest forecast by 0.3 million tons to 50.3 million tons.”