SOYA PRICES fell sharply this week (to May 25) as the Chicago futures market reacted to better US crop forecasts after beneficial rains.
Prices for soyameal in the UK dropped about £10/t over the week, to £183/t on farm on Tues, May 25.
The US Department of Agriculture projected yields of 40 bushels/acre this year, compared with last year‘s crop of 34 bushels/acre.
This, coupled with investment fund managers off-loading contracts, has caused the fall in prices, say traders.
New crop rapeseed in the UK also reacted to the news, dropping sharply by £10/t on the week, to £149.50/t for harvest.