Prices for soybeans are rising due to droughts in Argentina
Soybean futures in Chicago for two days increased by 10 $/t to 380,48 $/t after rapidly rising prices for soybean meal that rose by 16 $/t to to 416.5 $/t
Weekly soybean exports from the United States in comparison with previous week decreased by 13.8% to 640 thousand tons, which is 28% lower than in the same period of 2017. The volumes of processing and export of soybean oil and meal from the United States also declined.
the Main reason of the growth is dry weather in Argentina and the likely reduction in the soybean crop.
According to the Council for trade Rosario, Argentine farmers had sold 8.2 million tons of soybeans new crop against the five-year average of the rate on that date of 5 million so a Bad harvest could lead to higher prices and disruption of export contracts, and now the exporters have the obligation to supply 1.5 million tons of soybeans.
the Board of trade Rosario on Monday will reconsider the forecast of soybean crop in Argentina to the downside, which will give impetus to the growth of prices for the entire soy complex.
In Ukraine, the price of soybeans has slightly increased, particularly for soybeans with GMOs, which rose in port before 378-380 $/t or 12100-12350 UAH/ton, while the price of GMO-free soybeans rose to 405-410 $/t or 12600-12800 UAH/t