The soybean market is focused on domestic demand — brokers

11/12/2023 10:40

The soybean market last week was focused on domestic demand, which was covered by processing enterprises. This was reported by Spike Brokers analysts.

"The prices in the ports were in the range of $455-465/t with delivery in December. The domestic market bought soybeans at the level of $420-440 without VAT with delivery to the factory. The market of Northern Italy traded at the level of €475-490/t with delivery for GMO soybeans," the brokers informed.

The latest indications of buyers on GMOs:

DAP Ukraine (Danube) — $450-460/t;

DAP Ukraine (Odesa) — $450-455/t;

DAP Ukraine (ex. border) — €370-380/t;

DAP Italy (Mon) — €460-475/t;

CIF Turkey (port) — $530-540/t.

Meanwhile, the Analytical Baton said in a blog on Latifundist.com that there is no more room for reduction in Ukrainian soybeans.

"The price difference shows that we are cheaper than Americans or Brazilians by only $15-30. Although, at the start of the season, the amount of the discount was up to $100," Analytical Baton explained.

According to him, soybeans are still trying to grow in December. However, based on global trends, we should not expect a strong upward movement. In particular, last year's indicators of UAH 20,000 are not forecast.

The soybean market last week was focused on domestic demand, which was covered by processing enterprises. This was reported by Spike Brokers analysts.
"The prices in the ports were in the range of $455-465/t with delivery in December. The domestic market bought soybeans at the level of $420-440 without VAT with delivery to the factory. The market of Northern Italy traded at the level of €475-490/t with delivery for GMO soybeans," the brokers informed.
The latest indications of buyers on GMOs:
DAP Ukraine (Danube) — $450-460/t;
DAP Ukraine (Odesa) — $450-455/t;
DAP Ukraine (ex. border) — €370-380/t;
DAP Italy (Mon) — €460-475/t;
CIF Turkey (port) — $530-540/t.
Meanwhile, the Analytical Baton said in a blog on Latifundist.com that there is no more room for reduction in Ukrainian soybeans.
"The price difference shows that we are cheaper than Americans or Brazilians by only $15-30. Although, at the start of the season, the amount of the discount was up to $100," Analytical Baton explained.
According to him, soybeans are still trying to grow in December. However, based on global trends, we should not expect a strong upward movement. In particular, last year's indicators of UAH 20,000 are not forecast.
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