Demand determines world price of soybeans

Oil prices continue to decline today, the price of a barrel of Brent crude oil is 47,82 $.

However, the price of soybeans received support in the form of enhanced US exports and increase in imports of the oilseed to China in may to a record 9.6 million tonnes, which is 25% higher than may last year.

in the last two days of soybeans in Chicago rose to 344,84 $/ton, and soybean oil – to 699,31 $/t

Traders expect the new USDA report on acreage and forecasts of soybean production in the United States, which is likely to be bearish in nature.

the Brazilian government Agency Conab for the sixth time has raised its estimate of soybean production in Brazil in 2016/17 MG. Relative to the may forecast, the estimate increased by 0.92 million tonnes to of 113.92 million tonnes.

In Ukraine, export demand for soybeans is missing. Only buyers of the oilseed remained the processors, which are gradually cut prices and now offer 11000-11300 UAH/t with delivery to the plant and 10700-11000 UAH/t in the elevators.