Prices for soybeans rose amid strong Chinese buying and the updated USDA report

2020-09-14 12:19:37
Machine translation
Prices for soybeans rose amid strong Chinese buying and the updated USDA report

the September balance sheet Data for USDA soybean almost coincided with the preliminary forecasts of analysts, therefore, did not surprise the market, but prices for soybeans in Chicago on Friday rose 2% to 366,5 $/t due to a sharp increase in sales to China.

 

Forecast world's initial stocks soybeans to 2020/21 MG increased to 96 million tonnes, which will significantly yield of 113.1 million tonnes 2019/20 Mr.

 

compared to the August balance evaluation world production soybeans decreased by 0.66 million tonnes to 369,74 million tonnes (337,14 million tonnes in 2019/20 MG). For the U.S. crop forecast was reduced by 3 million tonnes to 117.38 million tonnes, although analysts estimated it at of 116.8 million tonnes in the previous season he were 96.7 million tonnes the reductions will be offset by higher production forecasts for Brazil due to an increase in sowing areas by 2 million tonnes to a record 133 million tons (126 million tonnes in 2019/20 MG), Canada by 0.2 million tonnes to 6 million tonnes and India by 0.45 million tonnes to 11.2 million tonnes .For Ukraine, the crop forecast was reduced to 3.3 million tons.

 

Evaluation world consumption soybeans increased by 1.17 million tonnes to 369,07 million tonnes compared to 352 million tonnes in 2019/20 Mr and 343,55 million tonnes in 2018/19 Mr. The consumption of soybeans by China will be of 116.4 million tons, which exceeds 2019/20 MG 8.2 million tonnes, and record 2018/19 Mr of 14 million tons.

 

Forecast global trade increased by 0.85 million tonnes to 166,34 million tons due to increased estimates of exports for Brazil by 1 million tonnes to 85 million tonnes compared to 93.5 million tons in the previous season. China increased purchases of soybeans in the U.S., after Brazil, the price of it rose sharply, which will lead to an increase in sowing areas.

 

the Forecast of soybean imports to China have left at 99 million tons, compared with 98 million tons of the 2019/20 season.

 

Evaluation world ending stocks soybeans to 2020/21 MG reduced 1.8 million tons to 93.6 million tons compared to forecast of experts 92,5-93,11 million tonnes and 96 million tonnes in 2019/20 season. The reduction of inventories in the U.S. will be partially offset by increases in Brazil and Argentina.

 

the Price of soybeans in the United States rose on Friday on data on export sales during the first week of the new season, which as of September 1 exceeded expert expectations and reached a record 3,162 million tons, of which 1,593 million tonnes purchased China. Soybean exports from the U.S. to China in 2019/20 MG amounted to 16.27 million tonnes in 2020/21 MG can grow up to 25-30 million tons.

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