Soybean quotes fell 2% in anticipation of an updated US crop forecast from the USDA

Soybeans on the Chicago Mercantile Exchange have recently rallied after falling to multi-year lows in mid-August. But they fell slightly yesterday in anticipation of a new report from the USDA, which may raise forecasts for US soybean production and stocks.

November soybean futures in Chicago fell 2.1% to $366.4/t yesterday, giving up all of the week's gains, but trading 1.3% higher than a month ago.

A Bloomberg survey showed that analysts expect a new USDA report to raise the U.S. yield forecast to 53.3 bushels/acre and soybean production to 125 million tons, which led to lower soybean prices, while another drop in oil prices added pressure. on soybean oil quotes.

Soy quotations were not supported even by the data of the Chinese Customs Administration, according to which in January-August 2024, the country increased soybean imports by 2.8% to 70.48 million tons compared to the same period in 2023, the main suppliers of which were the USA and Brazil. We will remind that in 2023, China imported 99.41 million tons of soybeans.

In Ukraine, against the background of a shortage of offers, the export purchase prices for the GMO union increased by another $2-3/t to $377-382/t or UAH 17,500-17,600/t with delivery to Black Sea ports, while processors offer UAH 16,500 for it UAH 17,000/t with delivery to the factory.

Export prices for non-GMO soybeans rose by $5-10/t in ports to $425-430/t or UAH 20,000-20,500/t, and processors increased their prices to UAH 19,500-20,500/t with delivery to the factory.