Crop in the United States will determine the trends in world prices for soybeans
Before the publication of the new USDA report, traders pay special attention to the balance of production and carryover stocks of soybeans in the United States and make their own predictions.
In August, experts from the USDA increased the estimate of soybean yield in the United States from 47.1 to 48.7 bushels/act despite traders ' expectations for a decrease in yield after the July drought.
Yesterday, various analytical agencies provided soybean yield forecasts of 48.2 to 49.8 bushels / acre.
In August, the stocks of soybeans were estimated at 437 million bushels, which would be the second largest figure of the last twenty years. In comparison with last year will increase significantly the ratio of stocks to consumption, while production of soybeans will reach a record level.
Most manufacturers say that thanks to the genetics of seed yield of soybeans continues to grow.
British farmers are planning in autumn to expand the acreage under soybean and analysts Abiove forecast in 2018, a record soybean exports to 65 million tonnes, in spite of possible reduction of oil production in the 2017/18 season on 4.65% to 108.5 million tons.
It is expected that Chinese farmers will increase the acreage under soybean at the expense of corn.
Analysts believe that after the release of the USDA report, soybean quotations will fall to new price levels and only early frost or other unexpected fundamental factors can change the downward trend.