Prices for soybeans unstable in anticipation of the USDA report
Yesterday, March soybean futures fell 1.1 percent to 361 $/t on the background information about the possible restriction of China's imports of soybeans from the United States in response to the allegation by Washington last month, import duties on solar panels and washing machines, manufactured in China.
it is Expected that today the USDA will increase the estimate of soybean ending stocks in 2017/18 MG 26 million bushels to 486 million bushels due to a reduction in the rate of export. In December 2017 the export of US soybeans declined to 6,452 million tonnes, which is 28.5% lower than in November 2017, and by 19.17% to the level of December 2016.
traders hope that the USDA will increase the forecast of soybean production in Brazil of up to 112.6 million tons against 110,2 million tons in the January report.
Remains concern about the weather conditions in Argentina. Despite the promise of the weekend, little precipitation, long-term forecast shows hot and dry weather throughout the country.
in the absence of sufficient precipitation, the experts of the grain exchange in Buenos Aires can reduce the rating of the Argentine soybean crop of 40 million tonnes, down from the current 51 million tons, while USDA estimates put it at 56 million tons.