The price of soybeans has not changed despite the decline in production forecast
soybean Production in the United States who are a world leader in the cultivation of oilseeds, a significant impact this year on world balance. Therefore, the attention of traders in new report USDA was focused to data about the United States.
In contrast to the optimistic assessments of corn, soybean forecast was more pessimistic than the average estimate of analysts.
balance USDA the estimation of area for harvest of soybeans in the U.S. compared to the July report reduced of 79.3 to 75.9 million acres (in 2018 88,1 million acres), while analysts estimate them at 79.9 million acres. The crop forecast is reduced by 4.48 million tonnes to 100,16 million tons, compared with the analyst estimate of 103,66 million tons.
as a result, the forecast of world soybean production is reduced with 347,04 to 341,83 million tons (2018/19 Mr – 362,85 million tons).
Assessment of the global consumption of soybeans in 2019/20 Mr reduced by 0.7 million tonnes to 354,32 million tonnes due to the reduction of consumption of China of 1 million tonnes of Primary transitional stocks in the new season will increase by 1.55 million tons to 114,53 million tons, however, as a result reducing consumption of soybeans in China in 2018/19 MG ending world stocks in 2019/20 MG will decrease by 2.79 million tonnes to 101,74 million tons.
as a Result of strained relations with China forecast of soybean exports from the U.S. decreased from 51,03 to 48.3 million tons (2018/19 Mr – of 46.27 million tons), and imports of soybean in China by 2 million tons to 85 million tons (2018/19 Mr – 83 million tons).
After the publication of the report, soybean futures fell after prices for corn, but then recovered to initial level. The November contracts are trading for $326/t Today, after a thorough analysis traders a new report, prices for soybeans will continue to grow despite the reduction in production forecasts.