The intention of China to reduce import duty has strengthened prices for soybeans

the Intention of China to reduce import duty to 10 million tons of soybeans from the US supported prices and soybeans and led to a jump in prices for soybean oil.

Global prices for soybeans are growing due to outstanding demand from China by 7-10 million tonnes of soybeans in November and January, which can only put the US because Brazilian soybeans will enter the market later. Therefore, the Chinese government plans to provide 30% exemption on import duty for the delivery of 10 million tons of soybeans from the United States.

It supported the price of soybeans, which fell on the background of active harvest and a good soybean yields in the United States.

the most expensive soybean oil prices, which yesterday rose 2.4% to 7-month high 682,3 $/t, with the support of the market of soybeans and increased consumption of biofuels.

quotation of soybean oil was supported by rising prices for palm oil in Malaysia has been ongoing for a week, due to the growth of consumption forecasts in Malaysia and Indonesia from the biofuel industry. Yesterday the price of palm oil in Malaysia increased by 1.4% to 2317 Ringgits/t or 553,3 $/t, which is the highest level since September 2017

However, India antinausea after the recent statements of the Prime Minister of Malaysia could reduce imports of Malaysian palm oil, what is called Association SEAI – India's largest company in the sector of vegetable oils, and some importers have started to import Indonesian palm oil.

At the end of 2018, India has become the 3rd largest buyer of Malaysian palm oil by purchasing it in the amount of 1.63 billion $.

the Cost of Ukrainian and Russian sunflower oil fell to 715-725 $/t CFR India, depending on the timing and volume of supplies due to falling demand due to the source in India.

Rapeseed oil in the Netherlands fell by 5-7 €/t to its lowest August level 780 €/t on FOB DM followed by falling prices for rapeseed in Paris until at least 3 months and canadian canola due to a good harvest and a strengthening of the canadian dollar.

in the Near future the prices for rapeseed and rapeseed oil will continue to grow to support the markets, soybean and palm oil amid restrictions on the use of palm oil in the production of biodiesel in a deficit of rapeseed in the EU, which this season imports about 5.5 million tons of rapeseed.