U.S. soybean spot market quotes are down

International markets: U.S. soybean spot market quotes are down.
2015-06-12 9:02 Source: China Grease Net

s. soybean spot quotes fell on Thursday, following the futures market lower. South American soybean production is huge, the pressure on soybean prices.

On Thursday, the National Commodity Supply Company (CONAB), a subsidiary of Brazil's Ministry of Agriculture, raised Brazil's soybean production to a record 96 million tons, higher than the current forecast of 94.5 million tons by the U.S. Department of Agriculture.

In the US Bay, the average spot price of US No. 1 soybean was 10.195 US dollars per bushel, or about 374.6 US dollars per ton, down 9.5 cents per bushel from the previous trading day. The basis price in the Gulf of Louisiana is 79 to 80 cents a bushel higher than CBOT's July soybean price, and 79 to 80 cents higher in the previous trading day.

In the central region of Illinois, the average price for soybean processing plants to buy soybeans was $9.725 per pu, down 9.5 cents from the previous trading day. The basis price is 25 to 40 cents higher than CBOT's July soybean futures price, which is the same as the previous trading day.

On Thursday, the Chicago Board of Trade (CBOT) soybean futures closed down. The soybean futures for delivery in July 2015 fell about 9.5 cents to close at 940 cents/pu. November soybean period fell about 13 cents to 908.75 cents/pu.