The Russia Government Update its Soybeans, and Wheat export taxes tumbled further from 28 September – October 4
The US Soybeans futures tumbled 0.14% to $1,427.50 on Monday 26 September.
According to Deputy prime minister Arkady Dvorkovich Russia’s government managed a drought that has reduced grain yields by more than a quarter, it will not limit exports even if its exportable grain surplus is drained said on Friday.
The market had been strengthening as a sign of some controls on the export gain in Russia after seeing crop forecast fall over and over as the drought exhibited.
On the Chicago Board of Trade (CBOT) December wheat Contract fell by 8 cents or 0.9% to $8.95 bushel, while the November milling wheat BL2X@ in Paris tumbled 2.25 euros or 0.8% lower at 264.50 euros a metric ton.
According to a recent survey, FBN yield Report Key points are on average analysts expect the soybeans at 51.1 bushels per acre and the U.S corn yield to be 175.9 bushels per acre, US Corn yield reached a record high at 177.0 per acre while the US soybean yield was 51.4 in 2021, FBN forecast US corn yield is at 170.0 and 50.7 for US soybeans.
According to US DOE (Department of Energy) shows that US Strategic petroleum reserves (SPR) fell by 8.4MMbbls over the past few weeks to 434.1MMbbls, however, there are reports that the US is being looked to extend SPR releases. Clearly, the US administration is worried about the oil prices once the current releases come to end.