The price of soybeans increases because of the poor crop prospects in Argentina
Monday March delivery in Chicago travelhs made the level of 361, 8 $/so since the 11th of January, when the price dropped to at least the last 5 months, the growth was 4%.
the Market is supported by good indicators of the weekly U.S. exports, which increased to 1.42 million tons against 1.24 million tons on the previous week.
However, the main driver of prices is concerned about the potential due to a lack of rain reduced soybean crop in Argentina, which is a major producer of oilseed and soybean meal and oil.
Traders have lowered estimates of harvest up to 52-54 million tons, while the USDA predicts it at 56 million tons.
According to meteorologists, during the 6-15 days of rainfall in the Central and southern regions of Argentina will be below normal.
the Price of soybean meal increased by 2% to 338,2 $/t on the background of falling production in Argentina and a possible increase in demand from the United States.
the Price of soybean oil fell 0.5 percent to 710 $/t under the pressure of quotations of palm oil in Kuala Lumpur, which continues to become cheaper.
the Increase in soybean quotations in Chicago supported the price of soybeans in Ukraine, which are now grown in port before 367-370 $/t or 12400-12500 UAH/MT for soybeans with GMOs, and 390-400 $/t or 12800-13000 UAH/t for soybeans, non-GMO, and DAP border of Ukraine-Poland to 405-408 $/tons of soybeans without GMO content of crude protein not less than 33%.
Competing with exporters, processors raised the price of soybeans up to 12000 UAH/t with the aim to attract the necessary volumes.