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The price of soybeans down amid lower demand from China

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soybean Futures in Chicago are down for the third consecutive session and traded at 333$/tonne, amid growing concerns about lower consumption from China this season.

In December, the import volume of soybean in China fell by 40.1 percent compared to last year to the lowest volume since 2011 and made up 5.72 million tons. Total imports of soybeans to China for 2018 fell for the first time since 2011, up to 88.03 million tons, which is 7.9% less than last year.

the Main reason for the reduction in imports of soybeans began a trade war with the United States, which launched a program to reduce consumption of soy in feed production, and a reduction in the number of pigs because of African plague that continues to spread throughout China.

the Decline in imports of soybeans has led to increased imports of vegetable oils in December, 21.8% to 742 thousand tonnes and for the whole year by 9% to 6.29 million tons.

Due to the recovery of purchases of American soybeans, as well as earlier entry into the market of new crop soybeans from Brazil, China in January, the fastest increase total soybean imports.

the Export of soybeans from the U.S. last week dropped 12.8% compared to the previous week and amounted to 1.08 mln tons , which is 59.12% more than a year, including to China were shipped just one ship. Traders now actively discussing the predictions of the soybean crop in Brazil and Argentina, who actively covered the demand from China in soybeans in the past year after the introduction of the ban on the purchase of soybeans from the United States.

the Brazilian Agency Safras&Mercado reduced the forecast of the soybean crop in Brazil in the 2018/19 season to 6.5 million tonnes to 115,72 million tons, compared with its November estimate in connection with the lack of rain in December and January.

Analysts Oil World in my January report lowered the forecast of world soybean production in 2018/19 MG to 6 million tons compared to the previous assessment – to 360,5 million. .

in Particular, the forecast of the harvest of oilseeds in Brazil in 2018/19 MG reduced experts to 117,5 million against 123 million for the December forecasts. Was also reduced the forecast of exports of Brazilian soybeans this season, up to 77 (80,1) million.

as for Argentina, then it is the forecast of soybean production was reduced 0.5 million ton to 50.5 million tons, which, however, is still significantly higher than the gross collection in 2017/18 MG (35.3 million tons). Forecast of Argentine exports of oilseeds in current season, has been upgraded to 13.1 (+1,5) million.

https://graintrade.com.ua

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