A further increase in the price of soybeans in question
Despite significant pressures on prices, on Friday, the may soybean futures in Chicago rose 0.5 percent to 387 $/t
Precipitation, held in Argentina, can prevent further deterioration of the soybean crops, but has not yet led to lower prices. For the next 15 days, forecasters predict a low level of opals and temperatures above normal.
Precipitation in Brazil delay the harvest of soybeans, but increase its productivity. The Agency Agroconsult in Friday's report has increased its estimate of soybean production by 3.4 million tonnes to 117,5 million tonnes, which exceeds the record harvest last year of 114.6 million tons and will be much more predictable USDA 112 million tons.
Despite the expectations of the weekly sales in the range of 600-900 thousand tonnes, they dropped to the lowest in the current season of level 109 million tonnes.
China has refused to buy 361,7 thousand tons of soybeans, which indicates the fall of demand in anticipation of increased supplies from South America.
Quotation of soybean meal that has been the main driver of rising prices for oilseeds, on Friday in Chicago fell by 0.3% to 378,3 $/MT for may deliveries. This is the second consecutive decrease after 11 days of growth, which indicates overvaluation of soybean meal.
Rise in price of soybean meal has led some buyers to shift to alternative food products, primarily distillers grain (DDG), a byproduct of ethanol production.
According to the grains Council USA, price DDG FOBports USA is $220/ton, what is the highest level since June of 2016.
the Increase in palm oil prices in Kuala Lumpur 1.4% to 2523 ringgit/ton or 644 $/t led to higher prices for soybean oil in Chicago for 1% to 722 $/t on the background of increased export of soybean oil from the United States.