Prices for soybeans rose for lingering precipitation in the United States

soybean Futures on the Chicago stock exchange rose by 2% to 314,1 $/t and showed the greatest increase in the price of soybeans over the past two months. The main reason for the growth were the powerful three-day precipitation in the Midwest, which slowed harvesting soybeans. Also prices supported the price hike in oil until 85 $per barrel, which was the maximum with 2014.

the Export of soybeans from the U.S. last week fell again by 17% to 591 thousand tons, which is 34% lower than in the corresponding week of last year.

According to the USDA, as of September 1, the remains of soybeans amounted to 11.9 million tons, the highest level in 11 years, amid a record harvest will be significantly pressure on prices.

the Price of soybeans in Ukraine remain under pressure from low demand from exporters, who offer the oil for 340 $/t delivered to port, and 350 $/t for soya without GMO with delivery on the Polish-Ukrainian border. Processors are actively buying soybeans at 10500-10700 UAH/t with delivery to the plant. The purchase of soya at the ex-silos is almost non-existent, as the processors have a sufficient number of proposals delivered to the plants.