A new round of negotiations between the US and China supported the price of soybeans
soybean Futures yesterday rose by 3% to 334 $/ton, the biggest growth for the last 4 months.
the Driver of growth was the message about the intentions of the US and China to continue formal negotiations to resolve trade disputes between countries.
the flash crash despite the evidence that 70% of crops of soybeans are in good or excellent condition, which is 5% higher than the average 5-year average.
Futures soybean meal increased by 2%, soybean oil 1%.
On the physical markets Brazil and the United States the price of soybeans decreased slightly after the reduction of demand from China, where refiners are suffering because of the growth of the Renminbi and the low refining margin.
If a month ago the difference in prices for soybeans from U.S. and Brazil accounted for 70-85 $/t, which almost corresponded to the amount of the fee 100 $/t, now it has decreased to $50/ton, with a 25% duty makes American soy uncompetitive in the Chinese market.
the Rise in soy complex will contribute to the growth of prices for rapeseed and canola, which yesterday in Chicago rose 3 $/t to 497 CAD/t or 381 $/t
the November canola futures on Euronext rose by 3 €/t to 377 €/t or 440,5 $/t