Prices for soybeans in Chicago still remain in limbo

Yesterday in Chicago prices for the may soybean futures early in the session had fallen by 5%, then rose by 4%, but at the end of trading still lost 1.24 percent compared to the previous day and dropped to 374,2 $/t

Reasons for price changes in the market was enough. The main factors of influence on prices are the new trump statements about increasing the amount of the duties on Chinese goods to $ 100 billion and the uncertainty of the timing of the introduction of import duties on soybeans from China. The parties exchanged statements on the introduction of fees, but noted that the discussion and decision of 60 days.

in addition, pressure on prices:

the

• increase weekly export sales of U.S. soybeans 3.5% to 1,133 million tons, which is 66.4 per cent higher than in the same period last year;
• the
• reduction of export shipments of soybeans during the week, 25.9% to 579 thousand tonnes due to logistical problems on the main water arteries;
• the
• increase of the water level in rivers and the delay in sending barges to the ports of the United States;
• the
• reduction of the forecast of soybean production in Argentina to 38 million tons according to the updated forecast from Buenos-Iresco grain exchange;
• the
• increase in soybean prices in the physical market in Brazil and Argentina for 15-20 $/t against the introduction of import duties on U.S. soybeans from China.

Despite the large demand for soybeans in Ukraine, traders cut prices and complete purchase program of soybeans using low demand, while demand from processors continues to grow. Prices for soybeans at the port dropped to 405-410 $/t or 12650 -12700 UAH/t for GMO soy and 430 $/t or -13000 UAH/t non-GMO soy, and refiners have increased prices to 12800-12900 UAH/t with delivery to the plant and are willing to pay a premium for high protein, despite the presence of GMOs.