Soybean quotes rose after the resumption of purchases by China

On the news about the resumption of the procurement of Chinese state companies of U.S. soybeans, the March soybean futures rose on Monday to 339,29 $/t, which is the maximum of the last 4 weeks.

information about buying Chinese companies Cofco and Sinograin batches of soy volume of 1-1. 2 million tons, after the resumption of trade negotiations between the US and China, has become the main driver of rising prices.

Traders were disappointed the export of soybeans from the U.S. for the week decreased by 11% to 673,1 thousand tons, which is by 44.5% compared to corresponding period last year. After China's refusal of the import of us soybeans this season, the United States exported 17 million tonnes of beans, which is 42% lower than in the past MG. To reach the projected USDA exports of 51.7 million tonnes, the country needed weekly to export at least 1 mln tonnes of soybeans.

the Main buyers of soybean in the past week have left Argentina and the EU, whereas in China it was shipped only one vessel.

due to continuous drought in Brazil, the experts reduce estimate of soybean production and have lowered forecasts to 116 to 118 MMT vs. previous 120-125 million tons.

the Increase in oil prices contributes to higher prices for palm and soybean oil, which further support the price of oilseeds.