Let it be known soybean orders for the five important exporting country’s “dropped significantly” in August before global inventories become replenished when the US begins its soybean harvest in the next few weeks, according to the German-based industry group, “Oil World.” Soybean futures are down today .08c from yesterday’s close as of this writing.
Oil World went on to say soybean exports from those five major countries still rose for the 2013-2014 marketing year that ended last month, some countries 20% more than the prior year. However, combined exports from the US, and four South American countries fell significantly last month to a “multi-month low” and 24% less that in August 2013.
Kevin Riordan, director of research at Capital Trading Group in Chicago, shared his insight regarding the current soybean futures situation, “As we head into the middle of September new crop soybean supplies will likely begin to increase noticeably. This follows a period were North American shipments were depressed and South American soybean supplies and exports had been declining due to season pressure.“
The trend for soybeans futures is down with no bottom yet in sight. We are short soymeal and soybean oil with new lows made in soybean meal futures just today.