USDA once again increased the forecast of the soybean crop in the current season
Experts USDA raised the forecast of world soybean crop in season 2016/17 MG to a new record value is 338 million tonnes against 336,09 million tonnes, which was called in the November forecast, and 313,31 million tons of season 2015/16.
the Rating was increased due to the adjustment of the forecast for India from 9.7 to 11.5 million tons (versus last year's 7.13 million tons) and Canada with 6 to 6.45 million ton (in 2015/16 – 6.37 million tons).
Assessment of world exports increased by 0.09 million tonnes to 139.25 million tonnes, which also exceeds the end of the season 2015/16 in 131,95 million tonnes Forecast exports to Canada increased 0.4 million tons to 4.4 million tonnes, down from 4.26 million tons last season, however, for Argentina is reduced by 0.25 million tons to 9 million tons, which will be significantly below the previous 9.92 million T.
Ending stocks of soybeans will increase from 81,53 to 82,85 million tons, against 72,22 million tons the previous season. Inventory valuation increased for Argentina to 32 (31,15; of 31.95) million tons and India to 1.31 (0,46; 0,42) million tonnes.
This forecast does not fundamentally affect the price of soybeans, which continued to trade on the Chicago exchange at $378,18.
The price of Ukrainian soybeans fell by $ 1-2 and $370-374 with delivery port, or DAP.
Prices in local currency remained stable, due to the devaluation of the hryvnia 30-40 cents in the last two days, and are 11250-11300 UAH/t with delivery to the port and 10600-10800 UAH/t in the elevators. Processors offer 10500-10800 UAH/t with delivery to the plant.