Soybean prices remain stable, but intense heat is keeping producers from selling

Abnormally dry and hot weather is restraining the sale of soybeans by producers who are waiting for rains to understand sales prospects, Spike Brokers reports.

Due to the heat, the soybean plants begin to drop the lower beans, because there is not enough moisture for their development. Therefore, the yield of soybeans this year will be below average, and the seeds themselves will be small.

We will remind that last year soybean was almost the only agricultural crop whose prices remained quite stable. Because of this, in the new season, a significant number of areas were sown with it.

Currently, according to Spike Brokers, GMO soybeans are offered at $365-370/t CRT port and €350-355/t FCA cordon. The premium for non-GMO soybeans has increased to 20-25 €/t, although recently it was 10 €/t.

Demand prices for GMO soybeans are:

• DAP Ukraine (Odesa) ~365-370 $/t;
• FCA Ukraine (border) ~350-355 €/t;
• DAP Italy (Mon.) ~405-410 €/t.

Demand prices for non-GMO soybeans are:

• FCA Ukraine (border) ~370-375 €/t;
• DAP Italy (Mon.) ~430-435 €/t.