The USDA increased its forecast of soybean production
Despite expectations of market participants, in a new report, USDA did not change the predicted yield of soybeans and corn in the United States.
however, USDA admitted that "in the key producing countries of corn and soybeans in June, rainfall was below normal, but was within tolerance".
Assessment of the global soybean production increased from 344,67 to 345,09 mln t, and ending balances from 92.22 to 93.33 million tonnes, 1.4 million tonnes exceeds the expectations of the traders. Gross harvest of soybeans will increase due to the capacity of China's acreage under oil and own production.
China will remain the main regulator of world prices for soybeans due to the increase in inventory valuation due to its own production and record imports of the oilseed last season.
In Chicago after the publication of the report, prices for soybeans fell by 1.62% for $380/t to 373,78 $/ton, and soybean oil by 0.94%.