Soybean price nearing its 6-year low again

The soybean price shed more of the gains it had accumulated in the last few days of August again on Friday, and is now only marginally above the six-year low it had previously reached. The long weekend in the US is likely to have played some part in this, though it is above all the uncertainty about what will happen next in China that is weighing on prices. 

In its August forecasts, the US Department of Agriculture (USDA) had upwardly revised Chinese soybean processing and import figures for 2015/16, notes Commerzbank. The fact that a report from its Foreign Agricultural Service has now been posted on the USDA's website, showing lower estimates for both figures, has unsettled observers ahead of the new official USDA estimates due to be published on Friday.