Prices for soybeans in the US remains under pressure from relations with China
Yesterday, soybean futures in Chicago fell despite the rapid growth of oil prices to 77,69 $/barrel after trump declared US withdrawal from the nuclear agreement with Iran.
Demand for U.S. soybeans from China is shrinking due to the lack of progress in the negotiations on introduction to the latest import duties.
Stricter quality requirements for imported soybeans has led to an increase in the time of customs inspection of cargo in ports, so the import volume of soybean in China in April fell compared to the previous year by 13.7% to 6.9 million tonnes, despite an expected growth to 8.5 million tons.
According to forecasts, due to the record soybean crop in Brazil, China will boost imports of the oilseed in may to 9.5 million tons in June and up to 9 million tons. However, in the second half of 2018, the import of soybean will be reduced due to the introduction of import duties on U.S. soybeans.
Experts believe that in the new season the US will gather 4,311 billion bushels of soybeans against 4,392 billion bushels in 2017, whereas the world production of soybeans will increase in comparison to 2017/18 MG 3% from 334 to 345.6 million tonnes.
the Pace of planting soybeans exceed the annual average, and thanks to favorable weather throughout the United States will grow in the future.