Soy beans and oil become cheaper under the pressure
Yesterday in Chicago soybeans and oil fell after confirmation of the yield growth in the US and promises rain in Brazil. Soybean futures fell to 354 $/t
Weather promotes the active conduct of the harvest. Already threshed 10% of the area of soybeans and 11% of the area under maize vs average of five indicators 14% and 17%, respectively.
the September High temperature accelerates the ripening of crops and increase yields. Higher than previously forecast, the harvest will pressure prices of soybeans and corn.
the new harvest of soybeans in the U.S. has led to a drop in prices of soybean oil to 738 $/t. in addition, the price of oil under pressure from the decline in oil prices and palm oil to the level 685-690 $/t, and sunflower oil FOB Rotterdam to the level 790-800 $/t
In Ukraine, sunflower oil is cheaper by 5-10 $/MT to 750-760 $/t FOB.
APK-inform " has lowered the forecast of soybean production in Ukraine in comparison with last year from 4.3% to 3.73 million tonnes At the end of the 2016/17 season, Ukraine exported a record in the history of observations 2.9 million tons of soybeans, which is 23% higher than exports in 2015/16.
the Main buyers of Ukrainian soybeans were Turkey (26% of total exports), Iran and Egypt (20%).