The soybean market is shocked by the USDA report
Expectations regarding the growth in acreage under soybean in USA in the new season to 91 million acres (compared with 90.1 million acres last year) was defeated by the USDA report. Published yesterday by the Ministry of agriculture of the USA the annual report on the plans of sowing showed that producers intend to plant soybeans 88,982 million acres.
After the release of the report, the price of soybeans rose 2.6% to a maximum of two weeks – 383 $/ton, and soybean meal rose by 3.4% to 423 $/t
the Increase in soybean stocks in the U.S. on March 1, 3.8% to 2.1 billion bushels (57.3 million tonnes) did not become a factor of pressure on prices.
Weekly export sales were much smaller than the expectations of traders and was only to 317.5 thousand tons Decrease in export sales primarily due to the reorientation of Chinese importers of Brazilian soy to avoid possible losses in case of introduction of import duties on U.S. soybeans.
According to AgRural, soybeans in Brazil have been thrashed by 71% of areas, compared with 74% at the same date last year and the gross yield may be 117.9 million T.