Prices for soybeans rise on the forecasts of yield reduction
After the 6-day fall of soybean futures in Chicago rose by 1.1% amid forecasts of lower production in Brazil and the reduction of acreage in the United States.
a new report by the Agency IEG Vantage (Informa) estimate the acreage of soybeans in the US in 2019 was reduced by 550 thousand acres to 85,494 million acres, compared to 89.2 million acres last year.
the Brazilian Agency CONAB has lowered the forecast of soybean production in the country in 2018/19 MG by 1.88 million tonnes to million tonnes 113,459, the Agency AgRural increased prior to 112,9 million tons, while experts USDA in its March report forecast it at the level of 116.4 million tons of soybean Exports from Brazil are projected at 70 million tons, compared to 84 million tonnes in the previous my.
According to Soybeans And Corn Advisor, March 12 in Brazil were thrashed, which is 57% of the area under soybean compared to 48% at the same date last year. This year the harvesting campaign started earlier deadlines and developed at a record pace, but in recent weeks slowed down as a result of strong precipitation, which reduce the quality of the soybeans.
In Ukraine following the strengthening of the hryvnia exchange rate and lower export demand soya GMO decreased in port before 310-318 $/t or 9500 UAH/t, while processors with delivery to the plant offer soybean GMO 9500 UAH/t and soybeans GMO free 9700 UAH/t On the basis of ex-farm prices for soybeans dropped to 8500-8600 UAH/t