Soybean remains the top export crop by pace as Ukrainian farmers rush to sell before export duty kicks in

4 August 2025, 12:08

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Soy continues to lead among major crops in terms of export pace: 377,000 tons were shipped from Ukraine in July, compared to 220,000 tons in 2024 and just 70,000 tons in 2023, according to Spike Brokers.

This surge is driven by farmers’ intent to sell before the 10% export duty takes effect in September. Non-GMO soy for delivery to ports was priced at $428–430/t depending on protein content. At the western border, Italian buyers offered €375–380/t FCA, loaded into Euro-wagons for August–September delivery.

However, price growth potential is limited, brokers note. Italy expects a soybean harvest larger than previously forecast, which is curbing demand and stabilizing price indications.

Latest buyer indications:

DAP Ukraine (Odesa): ~$388–390/t (GMO)
DAP Ukraine (Odesa): ~$428–430/t (non-GMO)
DAP Italy (northeast): ~€400–405/t (non-GMO)