CBOT soybean futures continued moving downwards

04.07.2018

Nearby soybean futures price continued moving downwards on June 22-29 (-3.2%), reports UkrAgroConsult.

As before, the main factors pressuring the futures price include favorable weather conditions for US soybean crops and the approaching date of the official imposition by China of a 25% import duty on American agricultural products, including soybeans (from July 6).

US farmers finished soybean planting within an optimal time frame. According to USDA, the share of crops in good and excellent condition as of June 24 remained at the previous week’s level of 73% (66% in 2017).

US soybean inventories as of June 1 were up at 1.222 Bl bu against 966 Ml bu as of June 1, 2017. According to the USDA report on planting intentions, the current forecast for American soybean plantings was increased to 89.557 Ml acre (88.68 Ml acre forecast in March; 89 Ml acre planted in 2017).

In view of strengthening demand from China for Brazilian supplies, the spread between US and Brazilian export prices increased. Brazil continues struggling with problems related to internal logistics. In Argentina, soybean harvesting advanced to 99% completion (95% in 2017).

Check up prices and enjoy free online charts on UkrAgroConsult’s website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section "Prices and Futures".

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the VI International Conference “Black Sea Oil Trade”, which will take place on September 20, 2018 in Hilton hotel, Kiev, Ukraine. Organizer – UkrAgroConsult company.

 

UkrAgroConsult

Readers choice: TOP-5 articles of the month by UkrAgroConsult