The harvest in South America, pressuring prices for soybeans
soybean Market remains under the influence of several fundamental factors.
Oil prices continue to fall and have dropped to the level 68,97 $/t mark for Brent.
Brazil is actively soybean harvesting, threshed now 3,8% of the area.
Ministry of agriculture of Argentina in the January report increased the estimate of acreage under soybean in 2017/18 MG per 70 thousand hectares to 16.75 million hectares. Recent precipitation will continue in the future, will improve the condition of crops and reduce the anxiety of traders the fate of the next harvest.
Analysts Informa Economics reduced the estimate of acreage under soybean crop 2018 in the United States on 190 thousand acres to 91,197 million acres, which would still exceed the record set in 2017, when there were 90.1 million planted acres and harvested 119.5 million tons of soybeans. The increase in acreage will allow to collect a record harvest of soybeans in the new season. The stocks of soybeans due to the low rate of export against the background of high competition from Brazil will grow relative to the 2016/17 season to 4.5 million tonnes to 12.78 million tonnes, which will become the second most important historical figure.
In Chicago on Monday, soybean futures fell 0.2 percent to 363.5 $/ton, and oil at 0.4% to 720,9 $/t
Ukraine in the current season exported 1.23 mln tonnes of soybean, which is 2.6% less than the same period 2016/17 MG.
the Price of soybeans continues to rise, while in port at GMO soy offer 365-372 $/t or 12500-12800 UAH/t, and soybeans without GMO 390-395 $/t or 12800-13000 UAH/t, the Processors raised the price of the plant until 12000-12300 UAH/t
the Increase in demand for soybeans by the EU and Turkey, which allowed the Ukraine almost doubled to increase exports to the EU countries (34% of total exports), Egypt (14%), Turkey (26%) and Belarus (7%).