CHICAGO: Soybeans Oil Market futures remained below $15 per bushel in September, pressured by supply increases from Argentina and Ukraine.
While the US is heading toward a record year for domestic production at a time demand is hurt by a global economic slowdown also in edible oil
Also, France will sign a deal with Romania to help increase Ukrainian grain exports to developing countries.
Meanwhile Soybeans oil market in China, the world’s biggest soybean buyer is stepping up imports from the US, Brazil and Argentina to take advantage of improved processing margins.
And to rebuild stockpiles ahead of Chinese festivals that run from the autumn through to the Lunar New Year.
Soybeans futures hit a 10-year high at above $17 per bushel in May driven by Russia’s invasion of Ukraine.
However,China’s longest heatwave on record is also threatening their crops, raising the likelihood of more imports
of the oilseed from the US. Still, customs data showed imports from China, the world’s top soybean buyer, fell 9%
from a year earlier in July,
As high global prices and weak demand curbed appetite for the oilseed. Imports from Brazil declined as bad weather
conditions pushed up the prices in the South American country while imports from the US rose in July but are down
for the January-July period.