USDA lowered the forecast of world soybean production
According to a new report USDA, in the United States through the reduction of soybean yield to 52.1 bushels/acre gross yield will decline by 2.45 million tonnes to 125,18 million tons, causing world production will decline by 2 million tons.
soybean Exports from the U.S. will decrease by 4 million tons due to falling demand from China, which will lead to higher ending stocks by 2 million tons.
In comparison with the October report, the forecast of soybean imports by China declined by 4 million tonnes to 90 million tonnes, although MSG China estimated at 85 million tons.
Argentina's production forecast was reduced 1.5 million tons to 55.5 million tons, and exports left unchanged at 8 million tonnes, the export potential of Brazil increased by 2 million tonnes to 77 million tonnes.
New balance for soybean, and global forecasts for oil crops in 2018/19 Mr, marked decrease in production and exports amid higher carry-over stocks.
reduction in the production of soybeans, cotton seeds, rapeseed and peanut partially compensates for higher yield of sunflower.
Futures on palm oil in Kuala Lumpur has fallen to 500 $/t, while prices for Brent crude oil fell to 70.7 $/barrel. Following them in Chicago a few fell futures for soybean oil and meal, however, the new report will be able to support the quotes.
These factors continue to put pressure on the prices for Ukrainian sunflower oil, for deliveries in November-December fell to 640-645 $/t, and for shipments in January – to 635-640 $/t