Ukrainian soybean prices hit highest since early 2024 amid Middle East war – analysts

Soybean prices on the Ukrainian export market in early March reached $437-447/tonne CPT port, which is the highest figure for this sector since February 2024, the APK-Inform information and analytical agency reported.

"The Ukrainian market continues to receive support from the global soybean sector, particularly due to some delays in soybean harvesting and deliveries in Brazil amid worsening weather conditions, as well as rising soybean quotes in Chicago driven by further increases in soybean oil prices in the U.S.," the agency said.

Analysts noted that the domestic market maintains an upward price trend due to strong competition between processing plants and exporters. Bid prices have risen UAH 200-500 per tonne over the recent period, depending on region and raw material needs.

At the same time, experts forecast a possible decline in export prices soon as new crop supplies from South America increase. However, they said factors supporting high levels will remain hostilities in the Middle East, oil market volatility and strengthening demand for soybeans from China.