The U.S. government has partially closed down, and soybean prices have fallen or been exaggerated.
Release Time:2013-10-12
According to Bloomberg News on Oct. 8, Hamburg-based oil seed analyst Oilworld said in a report Tuesday that the risk of soybean prices falling was exaggerated because the U.S. government shut down some of its doors and the market was unable to determine the exact data on Chinese soybean purchases.
Oil World said China may increase imports of soybeans to make a profit from low prices as it returns to the market after the National Day holiday ends this week. The market or exaggeration of any increase in China's imports.
Oil World said that "the risk of soybean price decline has been exaggerated excessively, because the export sales of American soybeans are not announced yet."
CBOT November soybeans fell 1.9% last week. The U.S. Department of Agriculture did not release a regular export sales report last week, nor did it release a large number of daily export data, because the U.S. government shut down some of its crop reports since October 1.
China is the world's top soybean importer, and the United States is expected to be the second largest soybean producer after Brazil this year. White House and Republican policymakers have been deadlocked on extending the government debt ceiling to avoid default.
