Prices for soybeans and soybean oil cooled neutral USDA report

2021-02-10 12:03:04
Machine translation
Prices for soybeans and soybean oil cooled neutral USDA report

Analysts had expected in the new balance USDA soybean will be significantly reduced crop prospects in South America and increased valuation of imports for China.

 

However, experts USDA almost did not change indicators report, which is slightly cooled prices on the soybean complex. For China, which in recent years has been a driver of the movement of world prices for agricultural products, the balance also did not change, so in General a new report were neutral.

 

After the publication of the report of the March futures exchange in Chicago initially decreased, but then recovered to almost the previous level, and in the end, showed the following daily dynamics:

  • soybean oil rose 0.4% to 1020 $/t,
  • for soybeans fell by 0.3% to 513,46 $/t,
  • soybean meal fell 0.5% to 481,9 $/t

 

the initial Forecast of global soybean stocks decreased by 0.54 million tonnes to 94,85 million tons due to the reduction of stocks in Argentina and Brazil, which are widely exported soybeans at the end of the 2019/20 MG.

 

the global soybean production experts USDA left unchanged. In particular for Argentina at 48 million tonnes (48.8 million tonnes in 2019/20 MG), although analysts predicted the reduction of the yield of 1-2 million tons to 46 to 47 million tonnes, and Brazil, at 133 MT (126 million tonnes in 2019/20 MG) in spite of estimates within 131-132 million tonnes.

 

Thanks to the active procurement of soybeans by China forecast of world exports of soybeans increased by 0.59 million tonnes to 169,69 million tonnes, in particular the USA – by 0.55 million tonnes to 61,24 million tonnes (45,78 million tonnes in 2019/20 MG).

 

Forecast of the global consumption of soybeans left almost unchanged.

 

the global ending stocks of soybeans decreased by 0.95 million tonnes to 83,36 million tons compared to 95,39 million tonnes in 2019/20 MG, although analysts had expected a more significant reduction due to a drop in production in South America.

 

the Decrease in the forecast of ending stocks of soybeans in the United States by 0.55 million tonnes to the lowest since the 2013/14 Mr level to 3.25 million tons compared to 14.25 million tonnes in 2019/20 MG of 24.74 million tonnes in 2018/19 MG remains the main factor supporting prices in the current season, and may lead to increase in the area of sowing soybeans in the United States.

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