IGC has increased the estimate for world soybean crop in season 2016/17 MG
In the updated monthly report experts of the IGC increased the forecast of the world soybean crop in season 2016/17 MG 3.6 million tons to 332,4 million tons, which is 17.4 million tons exceeds the end of last season.
This adjustment was due to the improving prospects for soybean production in the United States, as well as favorable weather conditions in South America, particularly in Brazil.
Experts predict that the soybean crop in the U.S. of 116,2 million tons, against 113 million tons from the September forecast and of 106.9 million tons collected in the season 2015/16. Brazil will collect 101 million tons, down 1 million tons will exceed September and will be 5.6 million tons more than last year's crop. 0.3 million tons relative to the previous report increased the forecast for India to 11.5 million tons against last year's 8.6 million tons. However, from 56 to 55 million tons reduced crop estimate for Argentina, which will be much smaller for the previous 58.5 million tons.
Global supply of soybeans in the season 16/17 MG increased to 365,1 million tons (360 in September and 352,9 – last season). Similarly, increased evaluation of export – up to 137,5 137,3 million tons against 132,9 mln. tn the season of 15/16 MC. Significantly increase the consumption of soy to 331,8 million tons (331,1; 320,3) and ending stocks – to 33.4 mln. tn (28,9; 32,7).
Growth in demand for U.S. soybeans from China enables you to strengthen quotations on the Chicago stock exchange, which in the past month increased from 345 to 372 $/ton.
In Ukraine, the price of soybeans increases because of the oversold market and low activity of sellers, who expect the price of 380-400 $/ton, while traders offer 368-372 $/ton or 11100-11200 UAH/t with delivery to the port.
the Processors are actively buying sunflower, the demand for soybeans has decreased, so they offer her 10500-10700 UAH/t with delivery to the plant.