One week import outlook for Asian soybeans

Introduction: Dow Jones Singapore news on April 17: Asian soybean traders said that soybean prices in the Asian market are likely to stabilize this week, because the fundamentals in the United States and South America are optimistic, coupled with the purchase of soybean crushers, which constitutes support for soybean prices But feed industry buyers are expected to close several deals this week Because of the abundant supply and low price of corn, it is unlikely that feed industry buyers in countries such as South Korea will actively purchase soybeans But despite the current stabilization of soybean prices, soybean mills are expected to continue to purchase Taipei traders say there are times when crushing plants have to import soybeans, even if the price is not very cost-effective, because they have to keep their machines running The current CNF price for us soybeans in Taiwan is $205 per ton, compared with $190 per ton in February According to traders, Taiwanese crushers are likely to buy some soybeans this week, but the quantity and delivery date are not known The last soybean bidding in Asia was held on April 9, when Cheil jedang company of South Korea bought 50000 tons of us No.2 soybeans from Marubeni company of Japan, and CNF price was 31 cents per bushel on the US CBOT July soybean period price The date of shipment is June 1-20, from Meiwan to Incheon port Although there are few trading expectations this week, the bullish sentiment will support soybean prices Traders in Seoul say the psychological impact on the market is more significant than real purchasing demand because the US government may lower the soybean loan rate, squeeze more than expected, and weather factors On Tuesday, CBOT soybean futures surged on rumors of lower loan rates for soybeans and higher than expected demand in the near future Analysts said that the market generally believed that if the soybean loan rate is lower than the current $5.26 per bushel, it will lead to a reduction of soybean planting area in the United States this spring In addition, according to NOPA's monthly report, the total soybean squeezing in March was 145.37 million bushels, 4 million bushels higher than expected, and 10 million bushels higher than that in February This data shows that demand for soybeans is stronger than expected So CBOT soybeans rose 8 cents in July to $4.6675 a bushel Weather also continued to support the broader market At present, there are hot weather in the United States South American soybean suppliers are hoarding stocks and are not eager to sell Argentina has been delayed in harvesting because of the rainy weather Officials at one of Taiwan's largest soybean crushing plants said Wednesday that the CBOT soybean market will be a weather market for the next two to three months So if the current price can fall a little bit, it will be a good opportunity to buy Traders said on Wednesday that China has yet to issue interim certificates for genetically modified soybean products, which could put pressure on soybean prices In an interview, officials from the GM Safety Office of the Ministry of Agriculture said they were still accepting applications, but declined to say when the certificate would be issued.