The price of soybeans fall after the vegetable oil markets

soybean Futures in Chicago continue to drop amid slowing imports of soybeans in China and lower prices for soybean oil, although the pace of soybean exports from the U.S. are growing.

For the week, soybean exports increased by 30% to a record since the beginning of the season to 1.9 million tonnes, which is 70% higher than the corresponding week last year.

As at 24 November soybeans collected on 94% of the area compared to 97% on average for 5 years.

On price pressure drop in the price of soybean oil, which over the week lost 2.4% and dropped to 670 $/t

Quotation of palm oil in Malaysia in comparison with last Friday, when the rate reached the highest since November 2017 level, declined only by 0.5% to 654,3 $/t. Further pressure on prices intensified the slowdown in palm oil exports, which are estimated by the SGS in the period 1-25 November decreased compared to the previous month at 3% up to 1.2 million tonnes, while Amspec and ITS showed a drop of 5.2% and 2.1%, respectively.

amid increasing predictions of the soybean crop in South America, which is actively sowing and weather favors the development of crops, soybean futures fell to a 9-month low.

Experts believe that the soybean crop in Brazil will grow by 4-5 million tonnes to 120 and 121 million tons, China has reduced compared to the previous month, the import of Brazilian soybeans 21% to the lowest level since March. Total imports of soybeans to China in October decreased compared with September by 26% to 3.79 million tonnes, of which of 2.79 mn t was acquired in Brazil. Soybean imports from the USA decreased by 2% to 959,936 thousand tons.