Quotes for soybeans and oil rose on forecasts of hot weather in the United States

Yesterday, there was a speculative increase in prices for the soybean complex on the stock exchanges, due to forecasts of dry and hot weather in the United States in the coming week, although data from the USDA report indicate better sowing rates and the state of soybean crops than last year.

Yesterday, at the Chicago SWOT, July soybean futures rose 1.1% to 5 568.8/ton, November – by 1.7% to.513/ton, July soybean oil futures – by 2.2% to. 1,487/ton, December – to. 1,333/ton, adding 13% in price since the beginning of May.

Quotes are also supported by the neighboring corn market, where prices are rising due to high demand.

Last week, 192.2 thousand tons of soybeans were inspected for export in the United States, which is 13% lower than in the previous week and 57% lower than last year. The lack of export demand for expensive American soybeans limits price growth.

In the current season, the United States exported 56.44 million tons of soybeans, or 91% of the USDA forecast, which is 58.9% higher than last year's pace.

According to the monthly report of Fat&Oils, released by the Ministry of Agriculture at the end of trading, in April, soybean processing in the United States decreased by 9.76% compared to march to 4.622 million tons (with expert expectations at 4.657 million tons), which is 7.39% lower than the corresponding indicator last year.

According to the USDA weekly report, as of May 30, 84% of the area was sown with soybeans in the United States, compared with 74 last year and 67% on average over 5 years on this date. Seedlings were obtained on 62% of the area (60% last year and 42% on average). The USDA will start reporting on the state of soybean crops only next week, but so far, thanks to heavy rains, the condition of crops is quite good, except for the state of North Dakota, where first there was a drought, then there were frosts, and during the week an extreme heat wave will be established.

In Ukraine, purchase prices for soybeans remain stable: 18800-19000 UAH/ton for soybeans with GMOs with delivery to the factory and 690-730 $/ton for soybeans without GMOs with delivery to the port or border. As in the Sunflower market, the number of soybean buyers is rapidly decreasing due to difficulties with the sale of soybean oil and meal, although prices for them have slightly decreased after the Sunflower complex.