During the past week, the soybean market in Ukraine showed a moderate increase in prices. The main driver was the activation of demand from China, as well as low rates for container shipping. This was reported by White Brokers.
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It is noted that prices for GMO soybeans on DAP-port terms were at around $465/ton, while on the western border they were $1-2/ton higher.
On the world market, Ukrainian soybeans were offered at the following prices (CIF):
Egypt – $480/ton;
Turkey – $473/ton;
Spain – $480/ton;
Italy – $479/ton.
For comparison, soybeans from the USA were traded at $505-513/ton, from Brazil – $470-485/ton, and from Argentina – $476-484/ton depending on the direction.
As noted by White Brokers, the supply in the market remains sufficient, however, sellers are not rushing to increase sales, responding to price improvements.
According to brokers, the further dynamics of the soybean market will largely depend on the cost of logistics and demand from China, which remains a key factor for this segment.