Prices for soybeans are awaiting USDA report

Soybean futures are now most interested in traders who expect prices to rise. Prerequisites for the increase of quotations there are more, however, market participants keep optimistic forecasts of production and carryover stocks of soybeans in the United States.

the Export of soybeans from the USA for the week rose from 897,017 thousand tons in the previous week to 1.48 million tons.

the Agency Conab report harvest 2017/18 despite the increase in acreage predicted reduction in soybean production in Brazil on 7 million tonnes to 107.1 million tons because of reduced productivity to the average annual level.

Such favorable weather conditions as last year. In addition, dry weather retards the sowing campaign. As of early October sown only 6% of the planned areas compared with 10% last year.

Yesterday, the majority of analytical agencies on the eve of the publication of the report the USDA estimated soybean yields in the U.S. at 49.8-50 bushels/acre (a 3.35 to 3.36 t/ha) and gross yield in the range of 4.4-4.47 billion bushels, which corresponds to the September USDA projections, which at the time surprised the market.

the November soybean futures in Chicago fell to 9.66 $/BU or 354 $/ton.

In Ukraine, prices for soybeans with GMOs remain at 357-360 $/t for deliveries to the port for soy GMO free traders offering a bounty of $20/ton.

Processors for soybeans delivered to the plant offer 10700-11000 UAH/t and are willing to pay a premium for high protein content.