Despite record sales, the price of soybeans in Chicago is falling

2018-12-21 12:08:52
Machine translation
Despite record sales, the price of soybeans in Chicago is falling

Yesterday on the Chicago Board of CBOT January soybean futures fell to 2.39 $/t and dropped to 6-week low 328,3 $/ton, despite the recovery of exports soybeans to China and a record weekly sale starting from September 2017.

 

According to the USDA, weekly export sales of soybeans from the United States amounted to 2.83 million tonnes, which is 63% higher than the corresponding week last year. China this week acquired 1,561 million tonnes of soybeans, also purchased last week 1.2 million tons.

 

the Main driver of falling prices has been the improvement of weather and the prospects of the soybean crop in South America.

 

Usually for harvesting soybean in Brazil begin in January, but due to the current early sowing, harvesting began in mid-December. In 2019, the country will harvest a record soybean crop. USDA estimated at 122 million tonnes against 120,3 million tonnes in the current year.

 

In Argentina to collect soybeans will begin in March. Powerful rainfall that took place in the regions of cultivation of oilseeds, improve the productivity. According to the forecast of the USDA, the country will collect 55.5 million tons of soybeans against of 37.8 million tonnes in the previous my. Now soybeans in Argentina are planted 74% of the area and state, 83.1% of crops due to precipitation was estimated as good and excellent.

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