On Friday, soybean prices plummeted and are poised for a weekly decline amid slowing demand from the top importer, China. Besides, the latest US weekly reports weighed on the bearish cost.
At the time of writing, the price of CBOT soybean futures for May was trading lower by 0.41% to $1,490.88 per metric ton.
An analyst said that weak export sales in Brazil brought by a record soybean crop helped the commodity’s decline.
This week, soya’s price shrank by 2.50% after rallying last week.
The US Department of Agriculture reported that the country’s weekly soybean export sales totaled 103,000 tons, disappointing analysts’ projections.
Yet, China’s imports from the United States spiked in March. It is due to the harvesting delays in the top exporter, Brazil, that prompted buyers to seek more US supplies.
Amid Beijing’s weak demand, Brazilian soybean port premiums plunged to historic lows in the past few days.
According to the latest analysis, the premiums hit their lowest point in 19 years. It shrank as low as -200 basis points per bushel this week in ports of Paranagua for May distributions.
Meanwhile, the weather in some parts of the US Midwest is anticipated to turn drier and warmer. It would allow farmers to plant their crops.
The probe of ships that carries Ukrainian crops from Black Sea ports is anticipated to continue under the UN-brokered deal. It will be pushed through despite Kyiv facing headwinds in securing an extension treaty with Russia.
However, the Kremlin said that almost was done to address their concerns.
On Wednesday, an EU plan to allow Ukranian grains to continue being transported across five nations in the east for export cut the risk of shipment halt.