Prices for soybeans are growing through increased exports
Markets of oil remain under pressure of uncertain situation in the market of biofuels in the United States and Europe, where biofuel producers are opposed by the oil lobbyists and environmentalists, who argue that raising the standards for the use of biofuels will increase food prices and worsen the condition of the environment because the crops will need more land.
the United States advocate for greater use of biofuels and plan to support farmers in case of introduction of a China customs restrictions.
Excessive imports of Argentine biodiesel and allowed the use of palm oil in its production has led to reduced margins and the closure of some European refineries rape.
In Chicago may soybean futures rose to 395 $/t due to the decline in production and boost exports from the United States. During the week export sales of soybeans from the United States increased 3.6% to 1.51 million tonnes, while export shipments decreased by 27.6% to 419,7 thousand tons.
Experts exchange Rosario reduced the forecast of soybean production in Argentina in 2017/18 MG for 3 million tonnes to 37 million tonnes, while analysts ABIOVE has raised its estimate of soybean production for Brazil to 2.4% from 114,7 million tons to a record 117,4 million tons.