Prices for soybeans and meal are rising due to the weather in South America
Promised for the coming week of dry weather in Argentina puts pressure on the price of soybeans and meal. the Deficit of moisture in the filling period of corn and soybeans will lead to a deterioration of productivity.
the Rain in Brazil, especially in the state of Mato Grosso, delayed the harvesting of soybeans and corn second crop, but they are filling, ripening and early harvest of soybeans.
due to continuous drought in Argentina may futures for soybean meal in Chicago yesterday rose by 2.6% to 436 $/t, which was the maximum of the last 20 months.
the May soybean futures rose 0.3% to 388,47 $/ton, the highest price level for the year and exceed the July high prices caused by drought in the United States.
According to experts of Oil World, soybean production in Argentina will decline to 40 million tons, if not two weeks following the rains. USDA until that estimates the soybean crop at 54 million tons.
the Price of soybeans are growing slower than the meal, through the reduction in the rate of soybean exports from USA, which lags behind forecasts by 13% and will continue to fall after the market entry of new crop South American soybeans.
Small rise in oil prices to 66.4 $per barrel and palm oil to support the market for soy oil prices, which rose 0.3% to 717 $/t
In Ukraine the prices at the port rose to the level 385-395 $/t or 12400-12500 UAH/MT for soybeans with GMOs and 415-417 $/t or 13100-13200 UAH/t for soybeans non-GMO.