Low market supply and high CBOT price affect Asian soybean meal trade

Introduction: Singapore, June 6 (Reuters) - soybean trading volume will decrease significantly in the next few weeks, according to Asian traders on Thursday, because Argentina's soybean hoarding has affected market supply, Chicago's soybean price keeps rising and Asian buyers stop trading Oil seed traders in Asia are paying close attention to the quality of Argentine soybeans Due to the bad weather, Argentine soybeans appear rust and the harvesting process slows down An Asian regional trader based in Singapore said there were problems with supply and demand, a time when traders were reluctant to negotiate I have a lot of time to watch the world cup Argentina's soybean prices are currently among the cheapest, with reduced soybean supply leading to higher soybean oil and meal prices At the same time, the situation also gives hope to U.S and Brazilian soybean exporters that some business may shift from Argentina to them One trader said there were some Brazilian soybean sales in the Asian market, but no US soybeans were seen On Wednesday, the Chicago Board of trade soybean futures closed flat from 4 cents per bushel on the back of tight world soybean supply and continued strong demand The recent July contract rose 4 cents to $5.03 a bushel, while the August contract rose 2 cents to $5.065 Soybean meal rose 70 cents to $165.60 a ton Soybean oil closed up 0.12 cents to 0.25 cents per pound Another trader in Singapore said that at such a high price, no one is eager to buy soybeans or soybean meal It won't be as hard to sell as South Korea, but most Southeast Asian buyers choose to leave Argentine farmers will eventually sell 30 million tons of Argentine soybeans However, due to the continuous devaluation of the local currency and the regional collapse of the banking system, farmers are trying to hoard soybeans But I'm sure Argentine farmers won't be hoarding soybeans for long, and they will have to sell their soybeans before the U.S new ones go on sale in September, one trader said I think by the end of this month, the price will start to loosen But some Asian traders also pointed to some positive factors If China's demand can be met smoothly and all other problems such as import licensing can be solved, what will happen? Traders in Chicago are waiting for the hype, and then we'll see prices go up all the way According to traders, China has issued 30 soybean import licenses, ranging from six to seven this week, but the crushers will have to wait a few days before the soybeans can be unloaded It is said that China bought a ship of Panamanian class American soybeans overnight On the Southeast Asian market, traders said Indonesian buyers were troubled by the lack of export credit guarantee for agricultural products under the gsm-102 project and were looking for soybeans and soybean meal at the end of June and July One trader said that while there is demand in Indonesia, it is not a lot It is not easy for all importers to obtain financing Now they are worried that a stronger rupiah is not good for imports Since 2002, the Indonesian rupee has risen 17% against the dollar The GSM project supports the overseas sale of American agricultural products by paying the letter of credit issued by American private bank to the approved overseas banks When it comes to origin, India is no longer an export market, and no matter how much they have to sell, their prices are very high, said one trader The trader also added that India recently quoted $235 per ton for soybean CNF sold to a country in Southeast Asia.