Asian soybean market pays close attention to the change of soybean price

Introduction: Singapore News: market participants said Monday that they will pay close attention to the changes in soybean prices after the news of the discovery of soybean rust fungus in South America comes out, to see if there is a possibility of rising But buyers are not particularly worried, and will not immediately make a big change in the selection of goods "Everyone is saying that this is good news and prices will go up," said an official from a press company in Taipei But the news is just heard, we are not sure yet " Last Friday, CBOT soybean futures rose in part because of fungus news The U.S Department of agriculture has confirmed that it has knowledge of fungal outbreaks in Brazil, Argentina and Uruguay They are studying appropriate policy responses But Zhou Yi, an Asian trader, said they would continue to buy South American soybeans until there were reports of a devastating outbreak "Now we are not sure about the full impact," the Taipei official added The news may pass " Other traders agreed, saying they were also waiting to see before changing sources Despite Friday's sharp rise in CBOT prices, U.S soybean prices in Asia are still around $200, the same as last week South American soybean prices are a few dollars lower Traders believe that the fate of soybeans in South America is in the hands of the importing governments, so it should not be up to the buyers to decide where to buy soybeans "The Chinese government will use this as a reason to restrict South American imports," said an official at an international company in Beijing However, some traders believe that the Chinese government will not set more barriers to soybean import in case of domestic supply shortage.