Despite improved weather in Argentina, the price of soybeans grow
on Friday, soybean futures in Chicago increased to 385$/t, and the total weekly growth was 1%. During the week it was exported 1,269 million tons of soybeans, which is 6.9% below last year's pace of exports. Prices were supported by a report on the increase in the volume of soybean processing in the United States and low rainfall in Argentina.
most of the precipitation was in the North of Argentina, while in the major areas of soybean production it wasn't enough. In addition, the manufacturers say that the rains were too late to improve the condition of crops.
According to AgRural, collection of soybean in Brazil is gaining momentum. Already processed 58% of the area, which exceeds the average of 55%, but lower than the level of the same period last year 62%. Soybean harvesting in the largest state producer of soybeans Mato Grosso already threshed 91% of the area.
Significant soybean stocks of the last harvest from South America continue to enter the market, so the US don't get enough benefits from reducing the crop Outlook in Argentina.
the Ukrainian producers receive additional revenue from rising world prices for soybeans because of strong demand from the EU and China supported prices.