Ample Near-Term Supplies of Soya Meal But Rising Risk of Lower Than Expected Production Ahead

摘要

The market reacted bullishly to the latest USDA's report, sending US soybean and soya meal futures to more than two month highs at the close of Oct 12. In its monthly supply & demand update the USDA left the demand side of the 2017/18 US soybean balance virtually unchanged from September levels, thus again ignoring a sharp year-on-year increase of South American soybean supplies which will compete with the US crop in coming months.