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Pressure because of falling oil prices, U.S. oil continues USDA is expected to lead to increased production declines. Chicago Board of Trade (CBOT) soybean futures fell 14, the third consecutive day, CBOT 12 soyoil futures fell 0.53 cents to close at 57.10 cents / lb.
Expect farmers to harvest more than the previous forecast of soybean drag prices lower. U.S. Department of Agriculture (USDA) 12 monthly supply and demand at the accident report is expected to increase its production and inventory after the diving market. USDA expects U.S. soybean production in 2011 will reach nearly 3.1 billion bushels, higher than expected in August, its about 1%. At the same time, they expect up to August 31, 2012 soybean ending stocks at 165 million bushels, compared with its August 6.5% higher than expected.
Dalian soybean futures opened down 14 low. The main contract closed at 10,228 yuan 1205 / ton, down $ 120. Short-term U.S. Department of Agriculture in its monthly report unexpectedly raised the forecast of U.S. soybean production this year, so here weighed on the market. In addition, the debt crisis worsening by the expected impact, with investors in the U.S. employment programs to help the Obama lack of confidence in government, increasing market pessimism, short fat excuse to suppress long. U.S. soybean oil continue down overnight, is expected to maintain the recent oil shock even finishing.
Domestic soybean oil spot market prices steady decline, a drop of 30-50 yuan / ton, the price in the 9800-10050 yuan / ton, the market is currently no new and more boost, more to digest the bad news the U.S. to create the main report . But the current demand for soybean oil into the season, falling prices is limited.
Concerns about weak demand increased downward pressure on export sales to China 106,000 tons of soybeans failed to ease concerns of weak demand. Traders wait for the next few weeks at the beginning of the harvest the Midwest to better understand the production scale. They said the market will not retracement too much, because the high price necessary to convince farmers to grow soybeans in spring next year. In addition, traders also concerned about the weather, meteorologists warned by the 15th frost may cause damage to crops in northern Midwest.