Prices for soybeans in Chicago dropped thanks to improved weather conditions
Yesterday, the July soybean futures in Chicago fell by 1.7% to 9.99 $/bushel or 368,45 $/t through increased planting of soybeans in the United States and the increase in the forecast of the production and export of soybeans to Brazil.
According to experts Informa, thanks to improved weather conditions in the US acreage of soybeans can grow up to 89.4 million acres vs USDA projected 89 million acres, and corn – from 88 to 89 million acres.
Promised for next week precipitation is possible to suspend the pace of planting soybeans in the U.S., but farmers have the optimum time of sowing by June 1.
Uncertainty with the import duty on U.S. soybeans contribute to an increase in purchases by China of Brazilian soybeans.
the depreciation of the real against the dollar makes cheap Brazilian soybeans on the world market.
Processing of soybean in the USA in April has decreased compared to last month to 161 million bushels, however, at 15.7 million bushels were higher than in the corresponding period last year.
In Ukraine, the price of soybeans remains at a high level, the main demand is shown by the refiners who are trying to buy the remains of soybeans from producers.
As of may 16, Ukraine sowed soybeans 76% of the planned areas or 1.5 million hectares, but the forecast decreasing of planting acreage is still very likely.
the Vote conducted among the participants of the V International conference agroinvestor Agri Invest Forum showed that 76% of producers in 2019 will not grow soya in the event of non-recovery of export VAT.
With almost 86% of farmers believe that the abolition of VAT refund upon export of soybean and rapeseed will bring losses to producers, but will enrich the manufacturers.
Only 14% of farmers believe that this decision will contribute to the development of soybean processing in Ukraine.
the Vote showed that the number of farmers who grow soybeans, decreased from 67.8% in 2017 to 55.4% in 2018.
These data can be considered representative since participation in the survey of 450 farmers from different regions of Ukraine.