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29 March 2024

News

28.02.2018

Soybean prices are increasing against the backdrop of adverse weather conditions in Brazil and Argentina

For the period from February 14 to 21, the export value of Ukrainian soybeans increased by an average of USD 5-7/MT.

As of February 21, the soybean prices  on the terms of FOB deepwater ports delivery  has increased to USD 395-405/MT, compared with USD 385-400/MT a week earlier.

Olga Kharabara, analyst of agricultural markets of the Association “Ukrainian Agribusiness Club” notes that the value growth of Ukrainian oilseed crops is mainly due to the growth of demand from importers, which has significantly intensified after forecasts of reduction of soybean production rates in several countries and against the background of general rising prices trends in the world market.

Major producers and exporters of soybeans: Brazil and Argentina suffer from adverse weather conditions. If in Argentina, about 73% of the areas are in lack of moisture, then in Brazil, high rainfall delays the progress of the harvesting campaign, and could worsen both the gross yield and its quality. Experts already note the decline in soybean quality due to the earlier arid weather in the center and north of the Rio Grande do Sul State. According to the Rosario Trade Council, Argentine farmers sold 8.2 mln tons of newly harvested soybean against the average five-year figure of 5 mln tons on that date. Thus, the demand for this crop from the importers has increased, which indicates the fears of buyers about a significant reduction in world production. A smaller yield may lead to higher prices and a breakdown in export contracts, and now exporters have a commitment to supply 1.5 mln tons of soybeans.

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