Soybean futures fall before release of the updated balance from the USDA

2019-04-08 13:29:39
Machine translation
Soybean futures fall before release of the updated balance from the USDA

soybean Futures in Chicago fell to the end of the week amid the lack of the promised news about the trade deal between the US and China. Falling of quotations on Friday was about 1% to 330,3$ /t, returning to its level at the beginning of the week.

 

on Thursday, U.S. President Donald trump said that negotiations are going well, and a trade agreement between the US and China can be completed within four weeks.

 

the postponement of the signing of the Agreement influence the decision of farmers to planting soybeans for future harvest, because the remainders of the previous crop continue to put pressure on prices and bring losses from the soybean.

 

besides the additional issue of the negotiations is a long process of approval by China's genetically modified crops.

 

Beijing years does not allow new varieties of GMO soybeans of U.S. origin to its market, which leads to the fact that promising new varieties, farmers in the US are unable to plant because China may abandon the purchase of not approved GMO varieties of soy.

 

China allows the import of GMO soybeans and corn as feed for animals, although not permit their landing in the country.

the Rate of harvest of soybean in Argentina continue to grow after a delay associated with precipitation. According to the Argentine exchange BAGE - removed 6.4% of space compared to 10.3% in average on this date in past years. The condition of crops is estimated as good and excellent and is estimated at 52.3 per cent, compared with 2.7 percent last season.

 

Brazil has already removed about 75% of the area under soybeans and analysts predict a slight correction of the forecasts of soybean production in Brazil down, and Argentina up in updated April balance from the USDA.

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