China resumed purchases of U.S. soybeans
According to USDA on Thursday, private sellers sold in China of 1.13 million tonnes of soybeans, and on Friday another 300 thousand tons, while previous rumors it was on sell at least 2 million tonnes.
However, the absence of official confirmation of the sale lowered the price of soybeans in Chicago at the end of the week.
U.S. Law requires all exporters within 24 hours to inform the USDA about sales, exceeding 100 thousand tons On the basis of these data every Thursday USDA generates a report on export sales, indicating the destination points of shipments.
Traders expect the conclusion of several agreements in the beginning of the week that I will be able to further support prices.
For the unsatisfactory pace of soybean exports to China, on Friday in Chicago soybean futures fell 1.5% to 337 $/t
As of December 6, the total volume of exports of soybeans from the United States to 33% below last year's figure and represents only 48% of the USDA forecast compared to 75% average on that date.
a Negative margin of Chinese processors is not conducive to enhancing procurement that continues to put pressure on prices.
the Brazilian Agency AgRural reports that with early sowing and favourable precipitation in the largest state producer of soybeans Mato Grosso next week will begin the harvest. Under the pressure of the approaching new crop prices for soybeans in Brazil continue to decline.