Futuresnews, soybeans. According to the report of Crop Progress, 94% of sowing campaign is over as of June 4, whereas the average for last five years equals to 75%. 79% of sown seeds have sprouted versus 39% last year and the five-year average of 79%; in this reference, 29% is in satisfactory condition and 55% – in good condition.
Weekly export sales during May 11-17 equal to 400 ths. tons.
The table shows that, despite higher sales than last year, total export is by 17% smaller than during the equal period last year, with 13% less in China and 4% less in other countries.
According to Commodity Trading Department, in addition to May report, cost of soybeans is influenced by the following:
- forward sowing and sprout;
- rainy weather in US Middle West – the region of major soybean production, which has favourable impact on future crop;
- lower export sales.
All this factors bear bearish nature, whereas bullish impact is still provided by the deficit marketing year.
