After their weekly high, which was traded yesterday, the prices of the CBoT soybeans are falling again by the hour. However, losses are likely to remain limited as China buys many US beans.
China wants to rebuild its soybean reserves. In addition, yesterday the prices of the crude oil futures gave up some of their latest profits, which also depresses the prices of agricultural commodities from which bioenergy is produced. This also includes soybeans.
In China yesterday, both government and private companies said they now want to process more soybeans. The Ministry of Economy in Beijing had asked for this.
Soybean exports from Brazil reached 8.8 million tons in the first two weeks of May. This shows that China's consumer demand remains strong. The USDA announced yesterday that 53% of its planned soybean acreage is now in the United States. Analysts had previously assumed it would be 56%. 
Source
Hansa Terminhandel GmbH
