The soy market is showing rapid growth
on Friday, on news of increase of export of soybeans from the United States and the late planting in South America, the November soybean futures reached the level 9,85 $/bushel to $ 361.9 or $/t, which is the maximum of the last six weeks. Despite the attempts of traders to heat the soybean market, prices were unlikely to reach the level of 10.4 $/bushel, which they climbed in the summer due to the drought in the United States.
Analysts of Oil World downgraded its assessment of the acreage under soybean in Argentina, with 19.1 million hectares in the previous report to 18.5 million hectares, which will be the lowest figure for the last 9 years.
compared to the previous season's harvest of soybeans will decline from 55.5 million tons to 54 million tons, and the yield will decrease by 2% to 30.5 C/ha, which still exceed the annual average.
Delay in sowing will not be critical because the soybean has a longer optimal period of sowing in comparison with sunflower and corn.
In Ukraine, prices for soybeans are rising because of the devaluation of the hryvnia to the level of UAH 26,2/$ due to the high demand for soybeans without GMO.
Today for soybeans with GMOs offer 350-355 $/t or 10700-10900 UAH/t
Soy non-GMO trading at 370-375 $/MT or 11200-11400 UAH/t at the port, and 375-380 $/t at the border Ukraine-Poland.
Processors with delivery to the plant offer 10500-11000 UAH/t
Growth in demand due to the delayed harvest and the need to execute traders previously concluded agreements.