Export prices for soybeans in Ukraine continue to decline, but domestic demand supports high prices

The Ukrainian soybean market remains relatively stable, thanks to strong demand from processors, which has supported high domestic prices for the past three months. At the same time, the export segment continues to be under pressure due to the increasing supply of soybeans and soybean meal from South America.

Purchase prices for GMO soybeans in Ukraine have increased to 22,000–23,000 UAH/t or 430–440 $/t excluding VAT with delivery to the factory. Prices for non-GMO soybeans have reached 23,000 UAH/t with delivery to processing plants.

The situation on the export market remains less favorable. There is practically no demand for GMO soybeans at ports, while demand prices for non-GMO soybeans from EU buyers have decreased by $5/t to $475–480/t for delivery to the western border. Prices for GMO soybeans have also decreased to $465–470/t. The main reason remains the active influx of cheaper soybeans and soybean meal from South America to the European market.

Since the beginning of the 2025/26 season, soybean exports from Ukraine have reached 1.85 million tons. According to estimates by the State Statistics Service, as of June 1, 2026, soybean residues in the country amounted to 1.12 million tons. This volume of reserves allows domestic processors to meet their needs before the start of active rapeseed processing.

Given the lack of significant export demand and the approaching rapeseed processing season, the soybean market may enter a stabilization phase. With the start of rapeseed arrivals at factories, there may even be a slight decrease in domestic soybean prices.

The global soybean market also remains largely bearish. July soybean futures on the Chicago Board of Trade have been almost unchanged over the past week and are trading at $415/t, down 7% from a month ago. November contracts remain about $7/t more expensive than July contracts.

Favorable weather conditions in the US, increased soybean production forecasts in Argentina , and high export rates from Brazil continue to put pressure on quotes.

ANEC raised its forecast for soybean exports from Brazil in June by 0.93 million tons to 15.31 million tons. China remains the main destination for supplies. This further dampens expectations among American farmers about a possible increase in Chinese purchases of American soybeans as part of the agreements between Beijing and Washington.

An additional negative factor for the market remains the situation in the USA. According to NOPA, the volume of soybean processing in May decreased by 1.4% compared to April to 5.68 million tons. At the same time, the indicator remains 8.3% higher than the level of May 2025, when 5.25 million tons of soybeans were processed.

Falling oil prices continue to weigh on the biofuels market, reducing demand for soybean oil and holding down its value. This remains a key risk factor for the global soybean market and could further limit the potential for price growth.