Complete sowing in South America stabilized the oil market
Completion of sowing of soybean in South America and the emergence reduce the anxiety of traders.
According to Soybean &Corn Advisor in Brazil's soybean sowing under the yield of the 2018 fully completed. In the state of paraná, which is the largest producer of soybeans in the country, 88% of oil crops are in good or excellent condition, 12% - satisfactory.
According to experts of the Grain exchange Buenos Aires, Argentina as of December 19 soybeans planted 18.1 million hectares, accounting for 63.5% of the planned amount. In the last week the pace of planting accelerated to 10%, but they are still 3% inferior than last year.
the January soybean futures in Chicago fell to 354,5 $/t
news about the condition of crops in South America and reports about the tightening of China's restrictions of weeds in imported soybean from 2 to 1% may slow down exports from the United States.
Soybean oil during the month fell by 40 $/t 728 and is trading at $/t
Rapeseed in the EU continues to rapidly fall in February futures only yesterday fell by 4.5 €/t to 351.5 €/t or 417,6 $/t. the decline in world prices for oilseeds forecasts of increasing rapeseed production in the EU and Canada, as well as the good condition of the crops continue to further pressure on the price of rapeseed.
In Ukraine, prices for soybeans fell substantially because of the uncertainty with the possibility of VAT refund from 01.03.2018 G. Traders reduce purchase program of soybeans and dokupat necessary for the formation of export shipments, the volume of soybeans must be submitted before the end of February.
In the port price for soybeans with GMOs dropped from 370 $/t until 362-363 $/t or 11700-11850 UAH/t, for soybeans, non-GMO – 395-400 $/t to 378-390 $/t or 12000-12300 UAH/t Processors buy soybeans delivered to the plant 11500-11600 UAH/t