Prices for soybeans are reduced due to precipitation in the United States
soybean Futures in Chicago yesterday continued to fall, lost another 3.5 $/t and dropped to the lowest level of the last 10 months 353,3 $/t. Soybean meal is also lost to 6.6 $/t and is trading at 390 $/t
Powerful precipitation and moderate temperatures in the area of soybean production in the U.S. contribute to the production of stairways and improve the prospects for soybean harvest in this season. Soy in the U.S. is planted on 93% of squares, compared with 85% on average, and shoots were obtained on 83% of the area and the 69% average for this date. Almost 74% of crops are in good or very good condition.
Outstanding commercial relations with China continue to put pressure on prices of U.S. soybeans.
In Argentina as of June 6, soybeans collected on 93% of squares, and the experts of the Grain exchange Buenos Aires forecast gross yield at the level of 34.4 million tons estimated exchange Rosario, gross harvest of soybeans will fall by 2 million tonnes to 35 million tonnes, So traders are watching how the experts USDA in its monthly report reduces estimate of soybean production in Argentina. According to the average analyst forecast of soybean production in Argentina will decrease by only 1 million tons to 38 million tons and for Brazil, the rating will be left unchanged at 117 million tons.
Lack of demand for Ukrainian soybeans from exporters allows the processors to accumulate reserves of soybean and to reduce the purchase price. Therefore, the purchase price for soybeans delivered to the plants during the week fell from 13200-13400 UAH/t to 12400-12800 UAH/t