Amid falling world prices for soybeans China is stepping up imports
In August, China increased its soybean imports in comparison with July by 10% from 8.64 to 9.48 million tons, which is 4% higher than the import Aug 2018 – 9.15 million tonnes and is the biggest figure since may 2018.
IN 2018/19 MG, which began in October 2018, China imported 74,4 million tons of soybeans, while the USDA predicts the country's import level of 83.5 million tonnes Expected in September, China still imports 8.1 million tons of soybeans, although some analysts estimate this figure at 8.5 million tons.
the lower forecast of soybean imports to China continues to put pressure on prices in the United States and South America. The lack of progress in trade negotiations between the US and China lowers prices in the U.S. in anticipation of the beginning of harvesting. The number of crops in good condition remains at 55% compared to 68% last year.
the Export of soybeans from the U.S. for the week decreased by 30% to 501,8 million tonnes, of which 408 thousand tons were sent to China.
soybean Futures in Chicago remain at the level of 316,2 $/t
in anticipation of the release of the balance USDA analytical Agency has published its own forecasts. According to the average estimate, soybean production in the U.S. will amount to 97.3 million tons, while in August USDA has estimated it at 100 million tons.
In the North and center of Brazil dominates dry and hot weather, and in the next 10 days no rain forecast, which may delay sowing of soybean. While this is not worrisome, but the lack of significant precipitation the following weeks may increase concern about the fate of the soybean crop in Brazil in 2020.