On the background of falling prices for oilseeds, soybean meal is expensive
At Chicago soybean oil futures fell 0.5% to 754 $/t after the falling prices for palm oil, quotes, which continue to decline due to record harvests in Malaysia and Indonesia in conjunction with the intentions of India and the EU to reduce import of palm oil in the current season.
Delayed sowing of soybeans in Argentina through dry weather supported the price of soybeans. And after falling earlier in the week, they came back to level 366 $/t
because of possible reduction in soybean crop in Argentina, the January futures for soybean meal, unexpectedly rose 2.1 percent to $360/t
Experts Oil World expects that in 2017/18 MG world production of soybean meal will reach a record $ 233,4 million tonnes, 9.3 million tonnes higher than the figure recorded the previous season. Season 2017/18 will be the fifth consecutive season of increased production of soybean meal that will continue to put pressure on world prices for the specified product.
it is Expected that the volume of world exports of soybean meal in comparison with the season 2016/17 will increase by 2.4 million tonnes to a record 67,13 million tons In particular, Argentina will increase exports of soybean meal from 31.51 to 32.3 million tons and Brazil – from 13.76 to 15.1 million tonnes. the United States also increase slightly soybean meal exports from 10.52 to 10.75 million tons.