Soybean prices extend decline

According to the Vietnam Commodity Exchange (MXV), closing on November 12, the world raw material market was clearly differentiated.

However, the dominant selling pressure pushed the MXV-Index down slightly by 0.32% to 2,150 points. In the agricultural market, 6 out of 7 commodities were in red, with soybean oil leading the decline with nearly 4%.

Thị trường hàng hóa hôm nay 13/11/2024: Giá đậu tương mở rộng đà suy yếu

MXV-Index

Soybean prices extend decline

At the end of yesterday’s trading session, the agricultural market was mostly covered in red. In particular, soybean prices extended their upward trend to the second consecutive session when they weakened more than 1%. In the context of the market without much new fundamental information, prices were mainly under pressure from the decline of soybean oil and technical selling pressure.

Agricultural product price list

Rains in Argentina's key agricultural region last weekend have supported and kept the pace of soybean planting this year high, according to the Rosario Grains Exchange. The South American country's main growing region has recorded between 7 and 15 mm of rain, with the northern and eastern plains receiving up to 40 mm in recent days. Dry weather is forecast in the next few days, allowing farmers to continue planting on 17.7 million hectares. With the positive weather outlook in South America, market supplies this year are likely to be high, a factor that has put pressure on prices.

On the other hand, in the Export Inspections report, the US Department of Agriculture (USDA) said that soybean deliveries in the weekly report reached 2.28 million tons, not much changed from 2.3 million tons in the previous week and higher than 2.01 million tons in the same period last year. This data shows that US soybean export activities were still relatively active last week, contributing to curbing the decline of soybeans.

Soybean oil prices fell nearly 4%, leading the decline in agricultural commodities. The market was pressured by a general decline in global oil markets, including crude, palm and rapeseed oil. Oil prices fell more than $2 a barrel yesterday after China's economic stimulus plan failed to boost fuel demand in the world's second-largest oil consumer.

In the domestic market, it was noted that yesterday, November 12, the offering price of South American soybean meal to our country's ports increased slightly. At Vung Tau port, the offering price of soybean meal for delivery in December 2024 fluctuated between 10,550 - 10,600 VND/kg. Meanwhile, for the delivery period in January next year, South American soybean meal was offered at around 10,400 - 10,500 VND/kg. At Cai Lan port, the offering price was recorded 100 - 150 VND higher than at Vung Tau port.

Prices of some other goods