Prices for soybeans again under the pressure of news from China
the July soybean futures tumbled yesterday by 2.9% to 367,4$/t and pulled over prices for soybean meal and soybean oil. The decline in prices is due to resumption of tensions in trade relations between the US and China, and thanks to the good pace of planting and good rainfall in growing zones of soybean and maize.
China reported the possible cancellation of prior trade agreements with the United States in the event of the imposition of duties on Chinese goods in accordance with the decision of the White house administration to publish a list of goods for which it is planned to introduce import duties. The tension of trade relations between the US and China, the EU, Canada and Mexico is now the main factor, for which see traders.
the Uncertainty of future supplies of soy from the United States led to a sharp increase in imports of soybeans to China. In may, it imported 9.6 million tons of soybeans compared to 6.8 million tons in April and 5.5 million tons in March.
This has led to higher soybean stocks in China to 7.9 million tonnes, 2 million tonnes more than a year ago.
the Export of soybeans from the U.S. last week amounted to 557,7 thousand tons, which is 94% higher than the corresponding period last year.
According to NASS, soybeans in the United States planted 87% of the planned areas, which significantly exceeds the average 5-year rate 75% of shoots were obtained on 68% of the areas against 52% in average of 5 years.
Warm weather and good rainfall has contributed to the development of soybean crops. According to the report of NASS as 75% of soybean crops is estimated as good or very good, which is the best figure since 2010.