Prices for soybeans new crop in the United States is gradually increasing

2020-07-07 12:29:32
Machine translation
Prices for soybeans new crop in the United States is gradually increasing

Stock quotes for soybeans the new crop grow in the US due to lower crop and increased export sales, including to China, despite record exports from Brazil in the current year.

 

Heat in 33-34 oWith and without precipitation in the subsequent 10-14 days, in the major regions of the U.S. Midwest may adversely affect the crops of soybeans, 31% of which entered the flowering stage (compared to 24% on average for 5 years). The number of crops in good or excellent condition remained at 71% as well as a week ago, whereas a year ago the figure was 53%.

 

After the decline of the forecast of sowing areas of soybean to 83.8 mln acres had lowered the forecast of soybean production in the United States in 2020/21 MG, although it is still significantly higher than last year's level. Traders are waiting for the updated balance, the USDA increased the number of short positions on soybeans of 23.5 thousand to of 163, 7 thousand contracts, as a result of the November futures rose by 3.5 $/t to 333.2 $/t

 

the Export of soybeans from the U.S. last week fell to 522 thousand tons, which is 31.5% less than last year, while overall, the season was 37.3 million tons.

 

Brazil in June, has exported of 13.75 million tons of soybeans, and generally in 2020/21 MG – 45 million tons, which is 36% higher than the corresponding figure 2019/20 Mr. The share of China in exports in June was 69.6%, and only in the season of 72.1%.

 

China increases its soybean imports amid rising demand for feed from livestock producers, which will restore the pig population after a sharp decline in 2018 due to the outbreak of ASF.

 

Yesterday it became known that the Chinese buyers have contracted another 264 tonnes of us new crop soybeans by purchasing only 4 million tons Despite political disputes with the US, China will be forced to purchase 15-20 million tons of U.S. soybeans in the result of inventory reduction in South America.

 

Brazilian soybeans for delivery in August rose to 370-375 $/MT FOB, while the us is trading at 360-365 $/t FOB.

 

In Ukraine, purchasing prices for soybeans old crop drops due to the lack of export demand and price cuts by processors. Prices demand for non-GMO soybeans on the border of Ukraine-Belarus fell from 410 to 370-380 $/t, and the inability to collect export soybeans with GMOs has dramatically reduced the demand for it.

 

Refiners have reduced the price of soybeans to 12000-12300 UAH/t with delivery to the plant because of falling domestic prices for soybean meal and transfer some plants to the processing of rapeseed.

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