Bearish USDA report puts pressure on the price of soybeans
the Participants in the soy market closely followed by the results of the harvesting campaign in the USA and expected reduction in soybean yields in the new USDA report, which would lead to higher prices.
But in November the balance of world soybean production increased by 1 million tonnes to 348,89 million tons due to increased production in Brazil, but global consumption has increased by 1.5 million tons by increasing imports of soybeans by China by 2 million tonnes to 97 million tonnes, Carryover stocks increased by 1.85 million tonnes to 97.9 million tonnes.
New balance did not meet the expectations of investors became bearish for the soybean market.
In Chicago January soybean futures fell 1.4% to 9.85 $/bushel or 361,65 $/ton, and soybean oil fell 1% to $770/t
the forecast of the average price of soybeans from farmers in this season, the experts, the USDA raised by 0.1 $/bushel to 9.30 $/bushel.