Prices for soybeans in Chicago continue to fall
Yesterday in Chicago January soybeans fell 1.2% to 9.75 $/bushel or 358,8 $/ton, and on the oil – by 0.8% to 761,5 $/t. Prices for soybeans dropped to the lowest level of the last 6 weeks and are below the average of 100-200 days.
Good week soybean exports at the level of 2.09 million tonnes was still less than the previous week's 2.49 million t, therefore, failed to support prices.
the reduction in the price of Brent crude to below 63$/barrel and increasing Agency Conab forecast of soybean crop in Brazil has not allowed speculators warm up the market after the falls on the background of the USDA report.
In the North of Brazil, weekend rain passed, which will promote development of soybeans and corn. During the current week and the next rainfall will take place throughout the country.
the Agency Conab in a new report, increased from the October forecast, the estimate of soybean production in 2017/18 MG with 106-108,2 to 106.4-108,6 million tonnes with an average 107,5 million tons.
the Dry weather is delaying sowing in Argentina. As at 09.11.17 planted only 12% of the planned area under soy.
In Ukraine, the price of soybeans at the port dropped to 1-2 $/t to 365-367 $/t, for soybean GMO and 393-395 $/t ka soy non-GMO. Strengthening of the logistical problems and the strengthening of the hryvnia has led to a significant fall in procurement prices on the domestic elevators fell by 100-150 UAH/t
the Gross harvest of soybeans in Ukraine could be reduced from 4.6 million tonnes in 2016/17 MG to 3.9-4 million tons this season due to the deterioration of productivity, which will increase competition between exporters and problemami.