Prices for soybeans remain under pressure
In the USDA report on crop residues and soybean assessment of the acreage under soybean in comparison with the March report increased to 575 thousand acres to 89,554 million acres, which is 585 thousand acres more than last year.
for the Second time in the history of the country, the farmers for the harvest of 2018 planted soybeans more than corn. And this against the background of increased trade disputes and the imposition by China of import duties on soybeans from the United States!
As of June 1 carryover stocks of soybeans in the U.S. reached a record 33,258 million tonnes, which is by 7.02 million tons exceeds the balances on 01.06.17.
the market for U.S. soybeans weighs the reduction of demand from China and the forecast of a good harvest in the new season.
the November soybean futures fell to 323 $/t and oil to 653 $/t
According to Grain exchange Buenos Aires, as of June 27, in Argentina soybean collected 99% of the area. Pre-gross yield is estimated 35.84 million tons and a yield of 2.16 t/ha that will be the worst indicators with the 2008/09 marketing year.
Previously, analysts had forecast soybean production in the country at 36 million tonnes, which is by 37.4% will yield a crop 2016/17 MG.