The price of oil under pressure from improving weather in Argentina
Friday for the first time in two weeks the March soybean futures in Chicago fell below the 200-day average price to 357 $/t
the Main reason for the price reductions was the improvement in weather conditions in Argentina and forecasts increase in soybean crop in Brazil. Friday's estimate of soybean production in Brazil in 2017/18 MG AgRural raised to 116.2 million tons and Informa - to 112.5 million tons.
Weekly soybean exports from the United States compared to the same period last year decreased by 15.8% to 1.2 million tonnes Brazil in January increased exports of soybeans compared to January 2017 71.5% to 1.56 million tons.
For 2017, the United States reduced soybean meal exports by 6% compared with the year 2016, while experts predicted its increase by 5%.
the March futures for soybean meal fell by 0.8% to 331,4 $/t
Indian government's Decision to once again increase the import duty on vegetable oil has become an additional factor of pressure on prices. So, import duty on crude palm oil increased from 30.9 to 33% of palm olein – from 41.2% to 44%, cheese, rapeseed and sunflower oil – from 25.75 to 27.5%. Increased import duty on cottonseed oil: crude – from 12.5 to 30%, revised from 20 to 35%.
the price of soybean oil in Chicago dropped to 717 $/t
the Price of palm oil in Malaysia fell by 1% to 623 $/t or 2467 Ringgits/t