Soybeans Oil: have been trading below $15 per bushel, close to levels not seen since January and almost 18% below their June peak of $17.84 on weak demand and easing supply concerns.
The latest data showed imports from China, the world’s top soybean buyer, fell 23% yoy in June, in particular from Brazil as bad weather pushed up prices of the oilseed in the South American country.
Meanwhile, those from the US rose in June but are down in the first half of the year. On the supply side, weather models point to beneficial rains in parts of the US Midwest crop belt, which could bolster yields.
Adding to the bearish tonne are concerns about a global recession and the prospect Ukraine will resume grain and oilseed exports.