The price of soybeans go up because of reduced production in Argentina
In February, analysts forecast USDA reduced the estimate of the global soybean crop in season 2016/17 MG by 1.23 million tons to 336,6 million tons that will still be a record value, and 23.7 million tons will exceed indicators of last season.
production Estimate for Argentina was reduced to n 1.5 million tons to 55.5 million tons, compared to 56.8 million tons of season 2015/16.
the Forecast of world soybean exports increased from 140,11 to 139,9 million tons against last year's 132,3 million tons, mainly due to the minor exporting countries.
Ending stocks will be reduced from 82,32 to 80.38 million tone, however, still exceeds 77.2 million tone of season 2015/16. In particular, for Argentina, they were reduced to 2,1 million tons to 29.7 million tons of 31.95 million tons in the previous year.
In Chicago the price of soybeans during the week increased from 380 to 387 $/ton due to strong demand from importers.
According to Oil World, in January the five largest exporting countries has supplied the markets of 8.2 million tons of soybeans, which is 1.7 million tons higher than December 2016 and 800 thousand ton - Dec 2015
- in Particular, the United States exported 6.8 million ton of soy
- Brazil 900 thousand tons,
- Paraguay 360 thousand tons,
- Argentina 90 thousand tons,
- Uruguay 10 thousand tons.
traditionally the Largest importer was China, which was acquired in January to 4.9 million tons of soybeans.
the Price of Ukrainian soybeans rose to 380-385 $/t or UAH 11900-12000 on the basis of CPT-port. For non-GMO products buyers are willing to pay the additional premium.