Prices for soybeans awaiting the outcome of the collection in the United States
As of October 30 soybeans in the U.S. collected from 83% of the area that nearly corresponds to the average five-year average. Soybean yield varies depending on regions. It is expected that in the next report experts USDA will reduce the forecast yield and crop U.S. soybeans.
Analysts IGC, in comparison with the previous report reduced the estimate of world soybean production in 2017/18 MG with 348,4 to 347,9 million tonnes, but increased the forecast of consumption up to 351 352,7 million tons.
Thanks to the powerful demand of China soybean exports from the United States for the second consecutive week holds at 2.5 million tonnes, the Growth margin in the processing of soybeans in China leads to an increase in the rate of import that, and so exceeds the previous year by 15%.
According to the October report, the IGC, Brazil in 2017/18 MG collect 114.1 million tons of soybeans.
In December Chicago soybean futures remain at 362 $/t, but demand and a possible decline in the soybean crop in the US may soon change prices.
In Ukraine due to devaluation of the currency traders were able to raise UAH purchase prices for soybeans by 50-100 UAH/t. But the price in dollars at the port remains at 363-364 $/t for GMO soybeans, and 383-393 $/t for soybeans non-GMO.