Chicago soybean futures fell on Monday following the US Department of Agriculture’s (USDA) predicted a higher global inventory.
The Western soy futures for January delivery fell by 1.44% to $1,461.62 per metric ton on December 12.
Last week, the USDA’s Word Agricultural Supply and Demand Estimates showed that the global soybean stocks for 2022/2023 increased by 540,000 tons to 102.71 million tons.
However, the agency predicted a cut in Argentina’s supply due to persistent drought.
Accordingly, the weather condition still covers 64.00% of Oklahoma, 35.00% of Kansas, and nearly 60.00% of Nebraska.
Besides, these dry conditions lasted for almost a year, so it is expected that it will take a while to return the moisture in the soil.
Consequently, farmers in the country may become unwilling to sell old soybean crops as they try to measure the new season’s harvest outcome.
Despite these concerns, experts believe that the recent rains might help the early crops in the Southern Region.
Meanwhile, Belarus accepted the transit of Ukrainian grains for export.
Moreover, Kyiv’s Agriculture ministry Mykola Solsky stated that their traders would not suspend exports.
Furthermore, Turkish President Tayyip Erdogan talked to the leaders of Russia and Ukraine regarding the changes in the Black Sea grain export agreement.
On Monday, soybean crops in China rose almost 24.00% after the country issued some policies to increase the commodity’s production.
These policies came amid concerns that the country was becoming too reliant on imports.
Soybean output in Beijing rose by 23.70% to 20.30 million tons as the planted oilseed jumped by 21.70%
Accordingly, the Northeast region’s rainy weather and high temperatures help with soybean yields.
Furthermore, the higher production was slightly higher than the 2020 record of 19.60 million tons.
On the other hand, soy crops in China shrunk last year due to the record prices of corn that pushed farmers to plant more corn instead.
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