USDA expects soybean production in the current season
According to the may USDA report, world production of soybeans in the current season will grow by 2.07 million tonnes to 348,04 million tonnes due to the increase in gross harvest in the main producer countries: Argentina by 1 MMT to 57 MMT, Brazil by 0.6 million tonnes to 111,6 million tons.
in addition, other producing countries will gather 49,33 million tons of soybeans, whereas in the April report, this figure was estimated at 48,86 million tons.
In season 2017/18 world soybean production will decrease to 344,68 million tonnes due to the reduction in harvest in the U.S. by 1.41 million tonnes to 115,8 million tonnes and Brazil to 4.6 million tons to 107 million tons China, the world's largest importer of soybeans, plans to increase its production to 13.8 million tonnes from 12.9 million tonnes in the current season.
In the US, prices for soybeans fell 1% to 354 $/ton for shipments in July old crop soybeans and October soybean new crop. Traders see no objective factors for price growth, and fear that the delay in planting corn through the cold weather would increase the acreage of soybeans.
In Ukraine, traders soybeans barely interested, only for beans without GMO the port offers 385 $/t or 12300 UAH/t. the Main buyers of soybeans now have processors that offer 11600-11800 UAH/t with delivery to the plant.
soybeans new crop of traders to declare the price of $350/ton for October deliveries, but manufacturers are in no hurry to conclude agreements, in the hope that the price will rise to last year's level at 370-380 $/t