Harvesting campaign continues in the USA. As of September 24, 22% of soybeans have been gathered, which is almost three times more than the average value in five-year time and five times more than last year.
AnotherreportofUSDAwasannouncedonSeptember12. According to its results, figures have remained almost unchanged, which means that it has proved to be neutral. Ending stocks have caused major concern; although it has remained almost unchanged, at the point of 53.1 mmt, this is the 9-year low.
The situation with American import is the following: as of September 13, export has amounted to 272 ths. tons, which is slightly less than last year. However, this month export keeps falling, and such trend may cast pressure on price.
Quarterly report on US stocks is issued on September 28, and its results may have impact on soybean market.
Therefore, according to Commodity Trading Department, further price drop is most likely to happen in mid-term. This is connected with harvesting campaign in the USA and smaller demand from importers; however, tense situation with stocks may support the price.
