Report on US inventories supported prices for soybeans and corn

2019-10-01 12:20:32
Machine translation
Report on US inventories supported prices for soybeans and corn

soybean Futures and corn in Chicago rose sharply after the publication of the report on the condition of crops in the US and data harvesting.

 

As of September 1 corn stocks in the United States was 53.7 million tons, well below estimates of traders (USDA's September report praised them in 62,12 million tons) and by 1% compared to the previous year. Soybean stocks is 7% inferior to the estimates of the traders and the September USDA forecast 27,36 million tonnes and constitute 24,848 million tonnes, which exceeds the level of last year.

 

the Forecast of soybean production in the U.S. in 2018, reduced to 120.5 million tons due to yield reductions.

 

Corn for September 29 is collected on 11% of the area compared to 25% for this date last year and 19% on average for 5 years. The state of maturity reached 43% of crops compared with 84% last year and 73% on average for 5 years.

 

Soybeans collected at 7% of areas, compared to 22% last year and 20% on average for 5 years. Delayed harvesting on the background of increased purchases of soybeans by China has pushed prices up.

 

Chinese importers plan to buy in the USA 2 million tons of soybeans within duty-free quotas provided by the government for procurement of agricultural products in the form of a step towards the signing of a trade agreement at the talks on October 10.

 

For the week, the United States increased corn exports to 69,82% to 399,7 thousand tons, which is far below the level of last year. Soybean exports rose to 982,288 thousand tons, which is 55.8% higher than the corresponding figure 2018

 

After the publication of the report, the December corn futures in Chicago increased by 6 $/t 152,5 up to $/ton, and November soybeans up to 333,78 $/t

 

the Rise in prices stimulates purchases and support world prices next week, while there are no published the October USDA balance sheets.

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