Chicago: soybeans driven by sales to China

the price of The soybean side, Chicago has attained this Tuesday, its highest in three weeks, with the announcement of a sale of the oilseed and the u.s. to China. The corn has a little grown and wheat has declined substantially.

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In its system for identifying exports private day-to-day, the u.s. department of Agriculture has reported the purchase by Beijing of 132.000 tons of soybeans of the season 2020/2021. This announcement has somewhat surprised the market after the news the night before, indicating that Beijing had to suspend its purchases of us agricultural products in a context of renewed tensions between China and the United States. At this time usually, "China withdraws from the market until October or November, which corresponds to the period in which such cargoes of soybeans must be shipped," says Brian Hoops of Midwest Market Solutions. According to the expert, Beijing "in desperate need of soy in the current season and had not much controlled for the moment".

The trade agreement between China and the United States threatened

Monday, Beijing has waved the threat of a "counter-attack" following the announcement by Donald Trump on Friday a series of sanctions and restrictions aimed at chinese interests. A suspension of purchases of us agricultural products could undermine the trade agreement partial signed by both parties in mid-January, by which Beijing has among other things pledged to boost its orders. Wheat, for its part, declined under the effect of forecast rainfall in the producing regions in the United States and Europe, providing favourable conditions for the development of seedlings.

In contrast, the share of crops of winter wheat judged "good to excellent" fell last week compared to the previous week (51% vs. 54%), according to a document released Monday evening by the u.s. government. According to this same report, 74% of corn crops are considered "good to excellent" (70% from the previous week) and 70% of soybean crops are estimated to be "good to excellent". A bushel of corn (about 25 kg) for delivery in July, the most traded, ended Tuesday at 3,2425 dollars against 3,2375 dollars Monday (+0,23%). A bushel of wheat for delivery in July, the most active, finished at 5,0800 dollars against 5,1525 dollars at the previous close (-1,21%). A bushel of soybeans for delivery in July, the most traded, finished 8,5050 dollars against 8,4050 dollars the day before (+1,37%).

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