Quotes for soybeans and butter in Chicago for the day fell by 9%

2021-06-18 12:07:42
Machine translation
Quotes for soybeans and butter in Chicago for the day fell by 9%

On the Chicago Stock Exchange yesterday, too "overheated" prices for soybean oil yesterday fell immediately by 8%, as a result of which soybean quotes also fell sharply.

 

Against the background of lower prices for sunflower and palm oil, which reached their highest values in March and April, soybean oil prices in May – June increased by 38%, although there were no fundamental factors for such growth, especially given the fall in neighboring vegetable oil markets. Therefore, the news about the intentions of the US authorities to cancel the norm on mandatory mixing of biofuels in the production of automobile fuel for the country's refineries caused a sharp turn in the market.

 

Yesterday, on the Chicago SWOT, July soybean oil futures fell by 9.5% to.1,246/ton, and December – by 8.5% to. 1,170/ton, losing 16.7% and 20% of prices over the week, respectively.

 

Following them, July soybean futures fell by 9% to 4 488/ton, and November – by 7% to.461/ton.

 

The strengthening of the dollar and falling oil prices against the background of low export rates are increasing pressure on the markets. Therefore, traders did not even pay attention to the hot weather that prevailed this week in some states of the "corn" belt of the United States.

 

Rain is forecast to fall in the Midwest next week, but areas of the northern and Southern Plains will suffer from a lack of moisture. Therefore, starting from Monday, when new data on the state of soybean crops in the United States appear, the impact of the weather factor on the markets will increase.

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